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Category: Business

  • MIL-OSI: Ready Capital Secures Ownership of The Ritz-Carlton Portland Project

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (with its affiliates, “Ready Capital” or the “Company”), a multi-strategy real estate finance company that originates, acquires, finances, and services investor and owner-occupied commercial real estate loans, today announced that it has secured ownership of Block 216 Tower, a mixed-use Project (the “Project”) located in downtown Portland, Oregon.

    Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic Real Estate Investors. The prior owner agreed to a consensual deed-in-lieu arrangement in which Ready Capital assumed ownership and control. All components of the Project will continue to operate business as usual.

    The completed Project is comprised of a 251-key Ritz-Carlton hotel, a 132-unit Ritz-Carlton Residences, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space including the Flock food hall.

    “Ready Capital understands the importance of such a Project to Portland’s downtown,” stated Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project’s financial and operational resources.”

    In addition to Ready Capital’s institutional capabilities, Ready Capital will manage the Project in partnership with Lincoln Property Company (“Lincoln”). Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. Lincoln has a strong Portland presence with an existing 25-person property management team throughout the local market. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand without disruption to their operations.

    “Block 216 represents the most impressive mixed-use experience in the city and is ideally located in the West End, with immediate access to the city’s best amenities,” stated Travis Drilling, Lincoln’s Executive Vice President of the Pacific Northwest. “We are pleased to partner with Ready Capital to manage and help stabilize this terrific asset, which we believe will contribute meaningfully to the resurgence of Portland, a city we are deeply involved in.”

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    212-257-4666
    InvestorRelations@readycapital.com

    Media Relations
    PR@readycapital.com

    The MIL Network –

    July 22, 2025
  • MIL-OSI: S8 Global Fintech & Regtech Fund (Luxembourg), Strategic Fintech Investor, Reports More Than 10% Ownership Position in RYVYL

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, July 22, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions, that recently announced pivoting into strategies that may include crypto-currency custodial services, today announced that S8 Global Fintech & Regtech Fund (Luxembourg) (“S8”) recently reported to the SEC an ownership position of approximately 3.6 million shares of RYVYL common stock, or more than 10% of RYVYL’s outstanding shares of common stock, as of July 21, 2025, making it the Company’s largest stockholder.

    S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier), makes strategic investments in businesses that operate in the Fintech, Regtech, Insurtech and Data Technology industries. RYVYL announced its enhanced business plan including, among other things, crypto-currency custodial services, in a press release on June 16, 2025.

    S8’s portfolio includes companies with established operations in the UK and EU as well as payment processing tools for direct digital asset payments. RYVYL has existing operations in North America and is pursuing strategic opportunities, including plans to initiate a digital asset acquisition strategy. The Company and S8 have had initial discussions and are exploring ways to work together.

    About S8 Global Fintech & Regtech Fund (Luxembourg)

    S8 Global Fintech & Regtech Fund (Luxembourg), with full ownership of UK and EU regulated payment institutions, including My EU Pay Ltd., Cublox Ltd., and ValorPay, UAB, focuses on innovative sectors where technology transforms financial services and operations. This includes Fintech, which leverages technology to improve or automate financial services; Regtech, which applies modern tech to address regulatory and compliance challenges; Insuretech, which modernizes the creation, delivery, and management of insurance products; and Data Technology, which encompasses software tools designed to analyze, process, and extract insights from data. More information can be found here: S8 Fund

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

    July 22, 2025
  • MIL-OSI: S8 Global Fintech & Regtech Fund (Luxembourg), Strategic Fintech Investor, Reports More Than 10% Ownership Position in RYVYL

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, CA, July 22, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions, that recently announced pivoting into strategies that may include crypto-currency custodial services, today announced that S8 Global Fintech & Regtech Fund (Luxembourg) (“S8”) recently reported to the SEC an ownership position of approximately 3.6 million shares of RYVYL common stock, or more than 10% of RYVYL’s outstanding shares of common stock, as of July 21, 2025, making it the Company’s largest stockholder.

    S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier), makes strategic investments in businesses that operate in the Fintech, Regtech, Insurtech and Data Technology industries. RYVYL announced its enhanced business plan including, among other things, crypto-currency custodial services, in a press release on June 16, 2025.

    S8’s portfolio includes companies with established operations in the UK and EU as well as payment processing tools for direct digital asset payments. RYVYL has existing operations in North America and is pursuing strategic opportunities, including plans to initiate a digital asset acquisition strategy. The Company and S8 have had initial discussions and are exploring ways to work together.

    About S8 Global Fintech & Regtech Fund (Luxembourg)

    S8 Global Fintech & Regtech Fund (Luxembourg), with full ownership of UK and EU regulated payment institutions, including My EU Pay Ltd., Cublox Ltd., and ValorPay, UAB, focuses on innovative sectors where technology transforms financial services and operations. This includes Fintech, which leverages technology to improve or automate financial services; Regtech, which applies modern tech to address regulatory and compliance challenges; Insuretech, which modernizes the creation, delivery, and management of insurance products; and Data Technology, which encompasses software tools designed to analyze, process, and extract insights from data. More information can be found here: S8 Fund

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

    By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

    QUARTER HIGHLIGHTS (2ndQuarter 2025 versus 1stQuarter 2025)

    Income Statement

    • Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
      • Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
    • Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
    • Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
    • Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

    Balance Sheet

    • Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
    • Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
      • Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
    • Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

    “Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”                          

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

    For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

    Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

    Noninterest Income and Noninterest Expense

    Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

    For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.   

    Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense.   Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

    For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

    Income Taxes

    We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

    Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

    Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

    Allowance for Credit Losses

    At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

    Deposits

    Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024.   Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

    At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

    Liquidity

    We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

    At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

    Capital

    Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

    At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
    Shareowners’ Equity (GAAP)   $ 526,423 $ 512,575 $ 495,317   476,499 $ 460,999
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Shareowners’ Equity (non-GAAP) A   433,730   419,842   402,544   383,686   368,146
    Total Assets (GAAP)     4,391,753   4,461,233   4,324,932   4,225,316   4,225,695
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Assets (non-GAAP) B $ 4,299,060 $ 4,368,500 $ 4,232,159   4,132,503 $ 4,132,842
    Tangible Common Equity Ratio (non-GAAP) A/B   10.09%   9.61%   9.51%   9.28%   8.91%
    Actual Diluted Shares Outstanding (GAAP) C   17,097,986   17,072,330   17,018,122   16,980,686   16,970,228
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 25.37 $ 24.59 $ 23.65   22.60 $ 21.69
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Six Months Ended  
    (Dollars in thousands, except per share data)   Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 15,044 $ 16,858 $ 14,150 $ 31,902 $ 26,707  
    Diluted Net Income Per Share $ 0.88 $ 0.99 $ 0.83 $ 1.87 $ 1.57  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.38 % 1.58 % 1.33 % 1.48 % 1.27 %
    Return on Average Equity (annualized)   11.44   13.32   12.23   12.36   11.66  
    Net Interest Margin   4.30   4.22   4.02   4.26   4.01  
    Noninterest Income as % of Operating Revenue   31.67   32.39   33.30   32.03   32.69  
    Efficiency Ratio   67.26 % 62.93 % 68.61 % 65.13 % 69.81 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   18.38 % 18.01 % 16.31 % 18.38 % 16.31 %
    Total Capital   19.60   19.20   17.50   19.60   17.50  
    Leverage   11.14   11.17   10.51   11.14   10.51  
    Common Equity Tier 1   16.81   16.08   14.44   16.81   14.44  
    Tangible Common Equity(1)   10.09   9.61   8.91   10.09   8.91  
    Equity to Assets   11.99 % 11.49 % 10.91 % 11.99 % 10.91 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   463.01 % 692.10 % 529.79 % 463.01 % 529.79 %
    Allowance as a % of Loans HFI   1.13   1.12   1.09   1.13   1.09  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.09   0.18   0.09   0.20  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.17   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.10 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 39.82 $ 38.27 $ 28.58 $ 39.82 $ 31.34  
    Low   32.38   33.00   25.45   32.38   25.45  
    Close $ 39.35 $ 35.96 $ 28.44 $ 39.35 $ 28.44  
    Average Daily Trading Volume   27,397   24,486   29,861   25,988   30,433  
                           
    (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.        
     
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2025   2024
    (Dollars in thousands) Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,485   $ 78,521   $ 70,543   $ 83,431   $ 75,304  
    Funds Sold and Interest Bearing Deposits   394,917     446,042     321,311     261,779     272,675  
    Total Cash and Cash Equivalents   473,402     524,563     391,854     345,210     347,979  
                         
    Investment Securities Available for Sale   533,457     461,224     403,345     336,187     310,941  
    Investment Securities Held to Maturity   462,599     517,176     567,155     561,480     582,984  
    Other Equity Securities   3,242     2,315     2,399     6,976     2,537  
    Total Investment Securities   999,298     980,715     972,899     904,643     896,462  
                         
    Loans Held for Sale (“HFS”):   19,181     21,441     28,672     31,251     24,022  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   180,008     184,393     189,208     194,625     204,990  
    Real Estate – Construction   174,115     192,282     219,994     218,899     200,754  
    Real Estate – Commercial   802,504     806,942     779,095     819,955     823,122  
    Real Estate – Residential   1,046,368     1,040,594     1,028,498     1,023,485     1,012,541  
    Real Estate – Home Equity   228,201     225,987     220,064     210,988     211,126  
    Consumer   197,483     206,191     199,479     213,305     234,212  
    Other Loans   1,552     3,227     14,006     461     2,286  
    Overdrafts   1,259     1,154     1,206     1,378     1,192  
    Total Loans Held for Investment   2,631,490     2,660,770     2,651,550     2,683,096     2,690,223  
    Allowance for Credit Losses   (29,862 )   (29,734 )   (29,251 )   (29,836 )   (29,219 )
    Loans Held for Investment, Net   2,601,628     2,631,036     2,622,299     2,653,260     2,661,004  
                         
    Premises and Equipment, Net   79,906     80,043     81,952     81,876     81,414  
    Goodwill and Other Intangibles   92,693     92,733     92,773     92,813     92,853  
    Other Real Estate Owned   132     132     367     650     650  
    Other Assets   125,513     130,570     134,116     115,613     121,311  
    Total Other Assets   298,244     303,478     309,208     290,952     296,228  
    Total Assets $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,332,080   $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606  
    NOW Accounts   1,284,137     1,292,654     1,285,281     1,174,585     1,177,180  
    Money Market Accounts   408,666     445,999     404,396     401,272     413,594  
    Savings Accounts   504,331     511,265     506,766     507,604     514,560  
    Certificates of Deposit   175,639     170,233     169,280     164,901     159,624  
    Total Deposits   3,704,853     3,783,890     3,671,977     3,579,077     3,608,564  
                         
    Repurchase Agreements   21,800     22,799     26,240     29,339     22,463  
    Other Short-Term Borrowings   12,741     14,401     2,064     7,929     3,307  
    Subordinated Notes Payable   42,582     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   680     794     794     794     1,009  
    Other Liabilities   82,674     73,887     75,653     71,974     69,987  
    Total Liabilities   3,865,330     3,948,658     3,829,615     3,742,000     3,758,217  
                         
    Temporary Equity   –     –     –     6,817     6,479  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     171     170     169     169  
    Additional Paid-In Capital   39,527     38,576     37,684     36,070     35,547  
    Retained Earnings   487,665     476,715     463,949     454,342     445,959  
    Accumulated Other Comprehensive Loss, Net of Tax   (940 )   (2,887 )   (6,486 )   (14,082 )   (20,676 )
    Total Shareowners’ Equity   526,423     512,575     495,317     476,499     460,999  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,044,886   $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382  
    Interest Bearing Liabilities   2,450,576     2,511,032     2,447,708     2,339,311     2,344,624  
    Book Value Per Diluted Share $ 30.79   $ 30.02   $ 29.11   $ 28.06   $ 27.17  
    Tangible Book Value Per Diluted Share(1)   25.37     24.59     23.65     22.60     21.69  
    Actual Basic Shares Outstanding   17,066     17,055     16,975     16,944     16,942  
    Actual Diluted Shares Outstanding   17,098     17,072     17,018     16,981     16,970  
    (1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.
     
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2025   2024   Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025   2024
    INTEREST INCOME                            
    Loans, including Fees $ 40,872 $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 81,350 $ 81,821
    Investment Securities   6,678   5,808   4,694     4,155   4,004   12,486   8,248
    Federal Funds Sold and Interest Bearing Deposits   3,909   3,496   3,596     3,514   3,624   7,405   5,517
    Total Interest Income   51,459   49,782   49,743     49,328   48,766   101,241   95,586
    INTEREST EXPENSE                            
    Deposits   7,405   7,383   7,766     8,223   8,579   14,788   16,173
    Repurchase Agreements   156   164   199     221   217   320   418
    Other Short-Term Borrowings   179   117   83     52   68   296   107
    Subordinated Notes Payable   530   560   581     610   630   1,090   1,258
    Other Long-Term Borrowings   5   11   11     11   3   16   6
    Total Interest Expense   8,275   8,235   8,640     9,117   9,497   16,510   17,962
    Net Interest Income   43,184   41,547   41,103     40,211   39,269   84,731   77,624
    Provision for Credit Losses   620   768   701     1,206   1,204   1,388   2,124
    Net Interest Income after Provision for Credit Losses   42,564   40,779   40,402     39,005   38,065   83,343   75,500
    NONINTEREST INCOME                            
    Deposit Fees   5,320   5,061   5,207     5,512   5,377   10,381   10,627
    Bank Card Fees   3,774   3,514   3,697     3,624   3,766   7,288   7,386
    Wealth Management Fees   5,206   5,763   5,222     4,770   4,439   10,969   9,121
    Mortgage Banking Revenues   4,190   3,820   3,118     3,966   4,381   8,010   7,259
    Other   1,524   1,749   1,516     1,641   1,643   3,273   3,310
    Total Noninterest Income   20,014   19,907   18,760     19,513   19,606   39,921   37,703
    NONINTEREST EXPENSE                            
    Compensation   26,490   26,248   26,108     25,800   24,406   52,738   48,813
    Occupancy, Net   7,071   6,793   6,893     7,098   6,997   13,864   13,991
    Other   8,977   5,660   8,781     10,023   9,038   14,637   17,808
    Total Noninterest Expense   42,538   38,701   41,782     42,921   40,441   81,239   80,612
    OPERATING PROFIT   20,040   21,985   17,380     15,597   17,230   42,025   32,591
    Income Tax Expense   4,996   5,127   4,219     2,980   3,189   10,123   6,725
    Net Income   15,044   16,858   13,161     12,617   14,041   31,902   25,866
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   –   (71 )   501   109   –   841
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS
    $ 15,044 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 31,902 $ 26,707
    PER COMMON SHARE                            
    Basic Net Income $ 0.88 $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 1.87 $ 1.58
    Diluted Net Income   0.88   0.99   0.77     0.77   0.83   1.87   1.57
    Cash Dividend $ 0.24 $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.48 $ 0.42
    AVERAGE SHARES                            
    Basic   17,056   17,027   16,946     16,943   16,931   17,042   16,941
    Diluted   17,088   17,044   16,990     16,979   16,960   17,067   16,964
     
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2025     2024     Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025     2024  
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,251   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     –     –     (50 )
    Provision for Credit Losses   718     1,083     1,085     1,879     1,129     1,801     2,061  
    Net Charge-Offs (Recoveries)   590     600     1,670     1,262     1,239     1,190     2,733  
    Balance at End of Period $ 29,862   $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,862   $ 29,219  
    As a % of Loans HFI   1.13 %   1.12 %   1.10 %   1.11 %   1.09 %   1.13 %   1.09 %
    As a % of Nonperforming Loans   463.01 %   692.10 %   464.14 %   452.64 %   529.79 %   463.01 %   529.79 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   1,832   $ 2,155   $ 2,522   $ 3,139   $ 3,121   $ 2,155   $ 3,191  
    Provision for Credit Losses   (94 )   (323 )   (367 )   (617 )   18     (417 )   (52 )
    Balance at End of Period(1)   1,738     1,832     2,155     2,522     3,139     1,738     3,139  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (4 ) $ 8   $ (17 ) $ (56 ) $ 57   $ 4   $ 115  
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 74   $ 168   $ 499   $ 331   $ 400   $ 242   $ 682  
    Real Estate – Construction   –     –     47     –     –     –     –  
    Real Estate – Commercial   –     –     –     3     –     –     –  
    Real Estate – Residential   49     8     44     –     –     57     17  
    Real Estate – Home Equity   24     –     33     23     –     24     76  
    Consumer   914     865     1,307     1,315     1,061     1,779     2,611  
    Overdrafts   437     570     574     611     571     1,007     1,209  
    Total Charge-Offs $ 1,498   $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 3,109   $ 4,595  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 117   $ 75   $ 103   $ 176   $ 59   $ 192   $ 100  
    Real Estate – Construction   –     –     3     –     –     –     –  
    Real Estate – Commercial   6     3     33     5     19     9     223  
    Real Estate – Residential   65     119     28     88     23     184     60  
    Real Estate – Home Equity   42     9     17     59     37     51     61  
    Consumer   456     481     352     405     313     937     723  
    Overdrafts   222     324     298     288     342     546     695  
    Total Recoveries $ 908   $ 1,011   $ 834   $ 1,021   $ 793   $ 1,919   $ 1,862  
    NET CHARGE-OFFS (RECOVERIES) $ 590   $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,190   $ 2,733  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.09 %   0.25 %   0.19 %   0.18 %   0.09 %   0.20 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,449   $ 4,296   $ 6,302   $ 6,592   $ 5,515          
    Other Real Estate Owned   132     132     367     650     650          
    Total Nonperforming Assets (“NPAs”) $ 6,581   $ 4,428   $ 6,669   $ 7,242   $ 6,165          
                                 
    Past Due Loans 30-89 Days $ 4,523   $ 3,735   $ 4,311   $ 9,388   $ 5,672          
    Classified Loans   28,623     19,194     19,896     25,501     25,566          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25 %   0.16 %   0.24 %   0.25 %   0.21 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.17 %   0.25 %   0.27 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.10 %   0.15 %   0.17 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
     
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Second Quarter 2025     First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024       June 2025 YTD     June 2024 YTD  
    (Dollars in thousands)   Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
          Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
     
    ASSETS:                                                                                                    
    Loans Held for Sale $ 22,668   $ 475   8.40 % $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570     720   7.49 % $ 26,281   $ 517   5.26 %   $ 23,692   $ 965   8.21 % $ 26,797   $ 1,080   5.62 %
    Loans Held for Investment(1)   2,652,572     40,436   6.11     2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03       2,659,204     80,465   6.10     2,727,688     80,879   5.99  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   1,006,514     6,666   2.65     981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74       994,068     12,468   2.52     935,658     8,237   1.76  
    Tax-Exempt Investment Securities(1)   1,467     17   4.50     845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36       1,158     26   4.43     850     18   4.35  
                                                                                                         
    Total Investment Securities   1,007,981     6,683   2.65     982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74       995,226     12,494   2.52     936,508     8,255   1.76  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   348,787     3,909   4.49     320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56       334,944     7,405   4.46     201,454     5,517   5.51  
                                                                                                         
    Total Earning Assets   4,032,008   $ 51,503   5.12 %   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %     4,013,066   $ 101,329   5.09 %   3,892,447   $ 95,731   4.94 %
                                                                                                         
    Cash and Due From Banks   65,761               73,467               73,992               70,994               74,803                 69,593               75,283            
    Allowance for Credit Losses   (30,492 )             (30,008 )             (30,107 )             (29,905 )             (29,564 )               (30,251 )             (29,797 )          
    Other Assets   302,984               297,660               293,884               291,359               291,669                 300,336               293,473            
                                                                                                         
    Total Assets $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,342,304             $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546               $ 1,329,933             $ 1,345,367            
    NOW Accounts   1,225,697   $ 3,750   1.23 %   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %     1,237,759   $ 7,604   1.24 %   1,204,337   $ 8,922   1.49 %
    Money Market Accounts   431,774     2,340   2.17     420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72       425,949     4,527   2.14     380,489     4,737   2.50  
    Savings Accounts   507,950     174   0.14     507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14       507,813     350   0.14     529,374     364   0.14  
    Time Deposits   172,982     1,141   2.65     170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08       171,682     2,307   2.71     149,203     2,150   2.90  
    Total Interest Bearing Deposits   2,338,403     7,405   1.27     2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50       2,343,203     14,788   1.27     2,263,403     16,173   1.44  
    Total Deposits   3,680,707     7,405   0.81     3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95       3,673,136     14,788   0.81     3,608,770     16,173   0.90  
    Repurchase Agreements   22,557     156   2.78     29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24       26,169     320   2.47     26,362     418   3.19  
    Other Short-Term Borrowings   10,503     179   6.82     7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16       8,978     296   6.64     5,176     107   4.16  
    Subordinated Notes Payable   51,981     530   4.03     52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71       52,432     1,090   4.13     52,887     1,258   4.70  
    Other Long-Term Borrowings   792     5   2.41     794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31       793     16   4.04     270     6   4.56  
    Total Interest Bearing Liabilities   2,424,236   $ 8,275   1.37 %   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %     2,431,575   $ 16,510   1.37 %   2,348,098   $ 17,962   1.54 %
                                                                                                         
    Other Liabilities   76,138               65,211               73,130               73,767               72,634                 70,705               70,464            
                                                                                                         
    Total Liabilities   3,842,678               3,821,632               3,761,763               3,729,282               3,800,398                 3,832,213               3,763,929            
    Temporary Equity   –               –               6,763               6,443               6,493                 –               6,821            
                                                                                                         
    SHAREOWNERS’ EQUITY:   527,583               513,401               491,143               480,137               465,297                 520,531               460,656            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    Interest Rate Spread     $ 43,228   3.75 %     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %       $ 84,819   3.72 %     $ 77,769   3.40 %
                                                                                                         
    Interest Income and Rate Earned(1)       51,503   5.12         49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99           101,329   5.09         95,731   4.94  
    Interest Expense and Rate Paid(2)       8,275   0.82         8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97           16,510   0.83         17,962   0.93  
                                                                                                         
    Net Interest Margin     $ 43,228   4.30 %     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %       $ 84,819   4.26 %     $ 77,769   4.01 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                       

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

    QUARTER HIGHLIGHTS (2ndQuarter 2025 versus 1stQuarter 2025)

    Income Statement

    • Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
      • Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
    • Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
    • Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
    • Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

    Balance Sheet

    • Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
    • Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
      • Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
    • Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

    “Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”                          

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

    For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

    Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

    Noninterest Income and Noninterest Expense

    Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

    For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.   

    Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense.   Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

    For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

    Income Taxes

    We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

    Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

    Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

    Allowance for Credit Losses

    At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

    Deposits

    Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024.   Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

    At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

    Liquidity

    We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

    At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

    Capital

    Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

    At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
    Shareowners’ Equity (GAAP)   $ 526,423 $ 512,575 $ 495,317   476,499 $ 460,999
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Shareowners’ Equity (non-GAAP) A   433,730   419,842   402,544   383,686   368,146
    Total Assets (GAAP)     4,391,753   4,461,233   4,324,932   4,225,316   4,225,695
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Assets (non-GAAP) B $ 4,299,060 $ 4,368,500 $ 4,232,159   4,132,503 $ 4,132,842
    Tangible Common Equity Ratio (non-GAAP) A/B   10.09%   9.61%   9.51%   9.28%   8.91%
    Actual Diluted Shares Outstanding (GAAP) C   17,097,986   17,072,330   17,018,122   16,980,686   16,970,228
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 25.37 $ 24.59 $ 23.65   22.60 $ 21.69
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Six Months Ended  
    (Dollars in thousands, except per share data)   Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 15,044 $ 16,858 $ 14,150 $ 31,902 $ 26,707  
    Diluted Net Income Per Share $ 0.88 $ 0.99 $ 0.83 $ 1.87 $ 1.57  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.38 % 1.58 % 1.33 % 1.48 % 1.27 %
    Return on Average Equity (annualized)   11.44   13.32   12.23   12.36   11.66  
    Net Interest Margin   4.30   4.22   4.02   4.26   4.01  
    Noninterest Income as % of Operating Revenue   31.67   32.39   33.30   32.03   32.69  
    Efficiency Ratio   67.26 % 62.93 % 68.61 % 65.13 % 69.81 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   18.38 % 18.01 % 16.31 % 18.38 % 16.31 %
    Total Capital   19.60   19.20   17.50   19.60   17.50  
    Leverage   11.14   11.17   10.51   11.14   10.51  
    Common Equity Tier 1   16.81   16.08   14.44   16.81   14.44  
    Tangible Common Equity(1)   10.09   9.61   8.91   10.09   8.91  
    Equity to Assets   11.99 % 11.49 % 10.91 % 11.99 % 10.91 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   463.01 % 692.10 % 529.79 % 463.01 % 529.79 %
    Allowance as a % of Loans HFI   1.13   1.12   1.09   1.13   1.09  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.09   0.18   0.09   0.20  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.17   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.10 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 39.82 $ 38.27 $ 28.58 $ 39.82 $ 31.34  
    Low   32.38   33.00   25.45   32.38   25.45  
    Close $ 39.35 $ 35.96 $ 28.44 $ 39.35 $ 28.44  
    Average Daily Trading Volume   27,397   24,486   29,861   25,988   30,433  
                           
    (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.        
     
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2025   2024
    (Dollars in thousands) Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,485   $ 78,521   $ 70,543   $ 83,431   $ 75,304  
    Funds Sold and Interest Bearing Deposits   394,917     446,042     321,311     261,779     272,675  
    Total Cash and Cash Equivalents   473,402     524,563     391,854     345,210     347,979  
                         
    Investment Securities Available for Sale   533,457     461,224     403,345     336,187     310,941  
    Investment Securities Held to Maturity   462,599     517,176     567,155     561,480     582,984  
    Other Equity Securities   3,242     2,315     2,399     6,976     2,537  
    Total Investment Securities   999,298     980,715     972,899     904,643     896,462  
                         
    Loans Held for Sale (“HFS”):   19,181     21,441     28,672     31,251     24,022  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   180,008     184,393     189,208     194,625     204,990  
    Real Estate – Construction   174,115     192,282     219,994     218,899     200,754  
    Real Estate – Commercial   802,504     806,942     779,095     819,955     823,122  
    Real Estate – Residential   1,046,368     1,040,594     1,028,498     1,023,485     1,012,541  
    Real Estate – Home Equity   228,201     225,987     220,064     210,988     211,126  
    Consumer   197,483     206,191     199,479     213,305     234,212  
    Other Loans   1,552     3,227     14,006     461     2,286  
    Overdrafts   1,259     1,154     1,206     1,378     1,192  
    Total Loans Held for Investment   2,631,490     2,660,770     2,651,550     2,683,096     2,690,223  
    Allowance for Credit Losses   (29,862 )   (29,734 )   (29,251 )   (29,836 )   (29,219 )
    Loans Held for Investment, Net   2,601,628     2,631,036     2,622,299     2,653,260     2,661,004  
                         
    Premises and Equipment, Net   79,906     80,043     81,952     81,876     81,414  
    Goodwill and Other Intangibles   92,693     92,733     92,773     92,813     92,853  
    Other Real Estate Owned   132     132     367     650     650  
    Other Assets   125,513     130,570     134,116     115,613     121,311  
    Total Other Assets   298,244     303,478     309,208     290,952     296,228  
    Total Assets $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,332,080   $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606  
    NOW Accounts   1,284,137     1,292,654     1,285,281     1,174,585     1,177,180  
    Money Market Accounts   408,666     445,999     404,396     401,272     413,594  
    Savings Accounts   504,331     511,265     506,766     507,604     514,560  
    Certificates of Deposit   175,639     170,233     169,280     164,901     159,624  
    Total Deposits   3,704,853     3,783,890     3,671,977     3,579,077     3,608,564  
                         
    Repurchase Agreements   21,800     22,799     26,240     29,339     22,463  
    Other Short-Term Borrowings   12,741     14,401     2,064     7,929     3,307  
    Subordinated Notes Payable   42,582     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   680     794     794     794     1,009  
    Other Liabilities   82,674     73,887     75,653     71,974     69,987  
    Total Liabilities   3,865,330     3,948,658     3,829,615     3,742,000     3,758,217  
                         
    Temporary Equity   –     –     –     6,817     6,479  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     171     170     169     169  
    Additional Paid-In Capital   39,527     38,576     37,684     36,070     35,547  
    Retained Earnings   487,665     476,715     463,949     454,342     445,959  
    Accumulated Other Comprehensive Loss, Net of Tax   (940 )   (2,887 )   (6,486 )   (14,082 )   (20,676 )
    Total Shareowners’ Equity   526,423     512,575     495,317     476,499     460,999  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,044,886   $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382  
    Interest Bearing Liabilities   2,450,576     2,511,032     2,447,708     2,339,311     2,344,624  
    Book Value Per Diluted Share $ 30.79   $ 30.02   $ 29.11   $ 28.06   $ 27.17  
    Tangible Book Value Per Diluted Share(1)   25.37     24.59     23.65     22.60     21.69  
    Actual Basic Shares Outstanding   17,066     17,055     16,975     16,944     16,942  
    Actual Diluted Shares Outstanding   17,098     17,072     17,018     16,981     16,970  
    (1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.
     
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2025   2024   Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025   2024
    INTEREST INCOME                            
    Loans, including Fees $ 40,872 $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 81,350 $ 81,821
    Investment Securities   6,678   5,808   4,694     4,155   4,004   12,486   8,248
    Federal Funds Sold and Interest Bearing Deposits   3,909   3,496   3,596     3,514   3,624   7,405   5,517
    Total Interest Income   51,459   49,782   49,743     49,328   48,766   101,241   95,586
    INTEREST EXPENSE                            
    Deposits   7,405   7,383   7,766     8,223   8,579   14,788   16,173
    Repurchase Agreements   156   164   199     221   217   320   418
    Other Short-Term Borrowings   179   117   83     52   68   296   107
    Subordinated Notes Payable   530   560   581     610   630   1,090   1,258
    Other Long-Term Borrowings   5   11   11     11   3   16   6
    Total Interest Expense   8,275   8,235   8,640     9,117   9,497   16,510   17,962
    Net Interest Income   43,184   41,547   41,103     40,211   39,269   84,731   77,624
    Provision for Credit Losses   620   768   701     1,206   1,204   1,388   2,124
    Net Interest Income after Provision for Credit Losses   42,564   40,779   40,402     39,005   38,065   83,343   75,500
    NONINTEREST INCOME                            
    Deposit Fees   5,320   5,061   5,207     5,512   5,377   10,381   10,627
    Bank Card Fees   3,774   3,514   3,697     3,624   3,766   7,288   7,386
    Wealth Management Fees   5,206   5,763   5,222     4,770   4,439   10,969   9,121
    Mortgage Banking Revenues   4,190   3,820   3,118     3,966   4,381   8,010   7,259
    Other   1,524   1,749   1,516     1,641   1,643   3,273   3,310
    Total Noninterest Income   20,014   19,907   18,760     19,513   19,606   39,921   37,703
    NONINTEREST EXPENSE                            
    Compensation   26,490   26,248   26,108     25,800   24,406   52,738   48,813
    Occupancy, Net   7,071   6,793   6,893     7,098   6,997   13,864   13,991
    Other   8,977   5,660   8,781     10,023   9,038   14,637   17,808
    Total Noninterest Expense   42,538   38,701   41,782     42,921   40,441   81,239   80,612
    OPERATING PROFIT   20,040   21,985   17,380     15,597   17,230   42,025   32,591
    Income Tax Expense   4,996   5,127   4,219     2,980   3,189   10,123   6,725
    Net Income   15,044   16,858   13,161     12,617   14,041   31,902   25,866
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   –   (71 )   501   109   –   841
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS
    $ 15,044 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 31,902 $ 26,707
    PER COMMON SHARE                            
    Basic Net Income $ 0.88 $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 1.87 $ 1.58
    Diluted Net Income   0.88   0.99   0.77     0.77   0.83   1.87   1.57
    Cash Dividend $ 0.24 $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.48 $ 0.42
    AVERAGE SHARES                            
    Basic   17,056   17,027   16,946     16,943   16,931   17,042   16,941
    Diluted   17,088   17,044   16,990     16,979   16,960   17,067   16,964
     
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2025     2024     Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025     2024  
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,251   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     –     –     (50 )
    Provision for Credit Losses   718     1,083     1,085     1,879     1,129     1,801     2,061  
    Net Charge-Offs (Recoveries)   590     600     1,670     1,262     1,239     1,190     2,733  
    Balance at End of Period $ 29,862   $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,862   $ 29,219  
    As a % of Loans HFI   1.13 %   1.12 %   1.10 %   1.11 %   1.09 %   1.13 %   1.09 %
    As a % of Nonperforming Loans   463.01 %   692.10 %   464.14 %   452.64 %   529.79 %   463.01 %   529.79 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   1,832   $ 2,155   $ 2,522   $ 3,139   $ 3,121   $ 2,155   $ 3,191  
    Provision for Credit Losses   (94 )   (323 )   (367 )   (617 )   18     (417 )   (52 )
    Balance at End of Period(1)   1,738     1,832     2,155     2,522     3,139     1,738     3,139  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (4 ) $ 8   $ (17 ) $ (56 ) $ 57   $ 4   $ 115  
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 74   $ 168   $ 499   $ 331   $ 400   $ 242   $ 682  
    Real Estate – Construction   –     –     47     –     –     –     –  
    Real Estate – Commercial   –     –     –     3     –     –     –  
    Real Estate – Residential   49     8     44     –     –     57     17  
    Real Estate – Home Equity   24     –     33     23     –     24     76  
    Consumer   914     865     1,307     1,315     1,061     1,779     2,611  
    Overdrafts   437     570     574     611     571     1,007     1,209  
    Total Charge-Offs $ 1,498   $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 3,109   $ 4,595  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 117   $ 75   $ 103   $ 176   $ 59   $ 192   $ 100  
    Real Estate – Construction   –     –     3     –     –     –     –  
    Real Estate – Commercial   6     3     33     5     19     9     223  
    Real Estate – Residential   65     119     28     88     23     184     60  
    Real Estate – Home Equity   42     9     17     59     37     51     61  
    Consumer   456     481     352     405     313     937     723  
    Overdrafts   222     324     298     288     342     546     695  
    Total Recoveries $ 908   $ 1,011   $ 834   $ 1,021   $ 793   $ 1,919   $ 1,862  
    NET CHARGE-OFFS (RECOVERIES) $ 590   $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,190   $ 2,733  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.09 %   0.25 %   0.19 %   0.18 %   0.09 %   0.20 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,449   $ 4,296   $ 6,302   $ 6,592   $ 5,515          
    Other Real Estate Owned   132     132     367     650     650          
    Total Nonperforming Assets (“NPAs”) $ 6,581   $ 4,428   $ 6,669   $ 7,242   $ 6,165          
                                 
    Past Due Loans 30-89 Days $ 4,523   $ 3,735   $ 4,311   $ 9,388   $ 5,672          
    Classified Loans   28,623     19,194     19,896     25,501     25,566          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25 %   0.16 %   0.24 %   0.25 %   0.21 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.17 %   0.25 %   0.27 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.10 %   0.15 %   0.17 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
     
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Second Quarter 2025     First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024       June 2025 YTD     June 2024 YTD  
    (Dollars in thousands)   Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
          Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
     
    ASSETS:                                                                                                    
    Loans Held for Sale $ 22,668   $ 475   8.40 % $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570     720   7.49 % $ 26,281   $ 517   5.26 %   $ 23,692   $ 965   8.21 % $ 26,797   $ 1,080   5.62 %
    Loans Held for Investment(1)   2,652,572     40,436   6.11     2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03       2,659,204     80,465   6.10     2,727,688     80,879   5.99  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   1,006,514     6,666   2.65     981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74       994,068     12,468   2.52     935,658     8,237   1.76  
    Tax-Exempt Investment Securities(1)   1,467     17   4.50     845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36       1,158     26   4.43     850     18   4.35  
                                                                                                         
    Total Investment Securities   1,007,981     6,683   2.65     982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74       995,226     12,494   2.52     936,508     8,255   1.76  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   348,787     3,909   4.49     320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56       334,944     7,405   4.46     201,454     5,517   5.51  
                                                                                                         
    Total Earning Assets   4,032,008   $ 51,503   5.12 %   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %     4,013,066   $ 101,329   5.09 %   3,892,447   $ 95,731   4.94 %
                                                                                                         
    Cash and Due From Banks   65,761               73,467               73,992               70,994               74,803                 69,593               75,283            
    Allowance for Credit Losses   (30,492 )             (30,008 )             (30,107 )             (29,905 )             (29,564 )               (30,251 )             (29,797 )          
    Other Assets   302,984               297,660               293,884               291,359               291,669                 300,336               293,473            
                                                                                                         
    Total Assets $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,342,304             $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546               $ 1,329,933             $ 1,345,367            
    NOW Accounts   1,225,697   $ 3,750   1.23 %   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %     1,237,759   $ 7,604   1.24 %   1,204,337   $ 8,922   1.49 %
    Money Market Accounts   431,774     2,340   2.17     420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72       425,949     4,527   2.14     380,489     4,737   2.50  
    Savings Accounts   507,950     174   0.14     507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14       507,813     350   0.14     529,374     364   0.14  
    Time Deposits   172,982     1,141   2.65     170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08       171,682     2,307   2.71     149,203     2,150   2.90  
    Total Interest Bearing Deposits   2,338,403     7,405   1.27     2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50       2,343,203     14,788   1.27     2,263,403     16,173   1.44  
    Total Deposits   3,680,707     7,405   0.81     3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95       3,673,136     14,788   0.81     3,608,770     16,173   0.90  
    Repurchase Agreements   22,557     156   2.78     29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24       26,169     320   2.47     26,362     418   3.19  
    Other Short-Term Borrowings   10,503     179   6.82     7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16       8,978     296   6.64     5,176     107   4.16  
    Subordinated Notes Payable   51,981     530   4.03     52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71       52,432     1,090   4.13     52,887     1,258   4.70  
    Other Long-Term Borrowings   792     5   2.41     794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31       793     16   4.04     270     6   4.56  
    Total Interest Bearing Liabilities   2,424,236   $ 8,275   1.37 %   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %     2,431,575   $ 16,510   1.37 %   2,348,098   $ 17,962   1.54 %
                                                                                                         
    Other Liabilities   76,138               65,211               73,130               73,767               72,634                 70,705               70,464            
                                                                                                         
    Total Liabilities   3,842,678               3,821,632               3,761,763               3,729,282               3,800,398                 3,832,213               3,763,929            
    Temporary Equity   –               –               6,763               6,443               6,493                 –               6,821            
                                                                                                         
    SHAREOWNERS’ EQUITY:   527,583               513,401               491,143               480,137               465,297                 520,531               460,656            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    Interest Rate Spread     $ 43,228   3.75 %     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %       $ 84,819   3.72 %     $ 77,769   3.40 %
                                                                                                         
    Interest Income and Rate Earned(1)       51,503   5.12         49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99           101,329   5.09         95,731   4.94  
    Interest Expense and Rate Paid(2)       8,275   0.82         8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97           16,510   0.83         17,962   0.93  
                                                                                                         
    Net Interest Margin     $ 43,228   4.30 %     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %       $ 84,819   4.26 %     $ 77,769   4.01 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                       

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Bitfarms Announces Corporate Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, July 22, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global energy and compute infrastructure company, today announced that the Board of Directors has approved effective immediately the commencement of a corporate share buyback program. Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to establish a normal course issuer bid program (the “Program”).

    Under the Program, the Company is authorized to purchase up to 49,943,031 of its common shares (out of the 557,548,857 common shares outstanding as at July 14, 2025) representing up to 10% of the Company’s public float of 499,430,313 common shares, during the period starting on July 28, 2025 and ending on July 27, 2026.

    CEO Ben Gagnon stated, “We believe that Bitfarms’ shares are currently undervalued because our Bitcoin business is underappreciated by the market, with little to no value being associated with our HPC potential. This Program demonstrates our confidence in Bitfarms’ business, our management team, and most importantly our high-performance computing data center growth strategy. We strongly believe our unique and highly desirable energy portfolio in Pennsylvania will drive long-term, sustainable growth that is financeable and enables management to leverage its balance sheet strength to drive shareholder value with this buyback program while simultaneously pursuing growth opportunities in HPC/AI to best capitalize on our substantial US energy pipeline.”

    The timing, price and volume of repurchases will depend on a variety of factors including corporate liquidity requirements and priorities, as well as general market conditions, the share price, regulatory requirements and limitations, and other factors.

    Bitfarms may purchase shares, from time to time, through the facilities of the TSX and/or the Nasdaq Stock Market (the “Nasdaq”), or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 494,918 common shares, representing 25% of the average daily trading volume for the six months ended June 30, 2025 (being 1,979,673 common shares), except where purchases are made in accordance with the “block purchase exception” of the TSX rules. Purchases of common shares through the Nasdaq will be made in the normal course and will not, during the twelve-month period ending July 27, 2026 exceed, in the aggregate, 5% of the outstanding common shares as at the commencement of the Program. All shares purchased by the Company under the Program will be cancelled.

    Purchases will be made by the Company in accordance with the requirements of the TSX and/or the Nasdaq and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX and/or the Nasdaq.

    In connection with the Program, the Company has entered into an automatic repurchase arrangement with its designated broker to allow for purchases of its common shares during certain pre-determined blackout periods, based on Company instructions provided when not in blackout. Outside of these pre-determined blackout periods, any repurchases of common shares will be in accordance with management’s discretion, subject to applicable law. Although the Company has a present intention to acquire its common shares pursuant to the Program, the Company will not be obligated to make any purchases under said Program.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding potential purchases under the Program, growth opportunities and prospects for the Company, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:
    Laine Yonker
    lyonker@bitfarms.com

    Media Contact:
    Caroline Brady Baker
    cbaker@bitfarms.com

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1basis, respectively.


    CEO COMMENTARY
    :

    “Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses,” said Chairman and CEO Jim Ryan. “Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.”

    “We are thrilled to welcome Tim Burke as Old National’s President and Chief Operating Officer,” said Chairman and CEO Jim Ryan. “Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve.”


    SECOND
    QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
    • Earnings per diluted common share (“EPS”) of $0.34; adjusted EPS1 of $0.53
       
    Net Interest Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $521.9 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.53%, up 26 basis points (“bps”)
       
    Operating Performance
    • Pre-provision net revenue1 (“PPNR”) of $269.6 million; adjusted PPNR1 of $289.9 million
    • Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
    • Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
       
    Deposits and Funding
    • Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion
      • Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation (“Bremer”)
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
       
    Loans and Credit Quality
    • End-of-period total loans3 of $48.0 billion, up $11.5 billion
      • End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
    • Provision for credit losses4 (“provision”) of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss (“CECL”) Day 1 non-purchased credit deteriorated (“non-PCD”) provision expense5
    • Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
     
    Return Profile & Capital
    • Return on average tangible common equity1 (“ROATCE”) of 12.0%; adjusted ROATCE1 of 18.1%
    • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps
       
    Notable Items
    • Closing of Bremer partnership on May 1, 2025
    • $75.6 million of pre-tax CECL Day 1 non-PCD provision expense5
    • $41.2 million of pre-tax merger-related charges
    • $21.0 million of pre-tax pension plan gain6

    1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses 6 Includes a gain associated with freezing benefits of the Bremer pension plan

    TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
    Timothy M. Burke, Jr. will join Old National Bancorp (“Old National”) on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

    Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

    “I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

    As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

    RESULTS OF OPERATIONS2
    Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

    Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $190.9 million, or $0.53 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

    • Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
      • Period-end core deposits up 0.8% annualized excluding Bremer.
    • On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
    • A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

    • Period-end total loans3 were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
      • Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
    • Commercial loans, excluding Bremer, grew 4.6% annualized
      • Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
    • Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense5 related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
    • Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
    • 30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
    • Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
    • The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense5 related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

    NET INTEREST INCOME AND MARGIN
    Higher reflective of larger balance sheet and higher asset yields.

    • Net interest income on a fully taxable equivalent basis1 increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
    • Net interest margin on a fully taxable equivalent basis1 increased 26 bps to 3.53%.
    • Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

    NONINTEREST INCOME
    Increase driven by Bremer and organic growth of fee-based businesses.

    • Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
    • Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

    NONINTEREST EXPENSE
    Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

    • Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
    • Excluding merger-related charges, adjusted noninterest expense1 was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
    • The efficiency ratio1 was 55.8%, while the adjusted efficiency ratio1 was 50.2% compared to 53.7% and 51.8%, respectively.

    INCOME TAXES

    • Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.6% compared to 22.5%.
      • The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
    • Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
    • Tangible common equity to tangible assets was 7.26%, down 6.4%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

    CONTACTS:    
    Media: Rick Jillson   Investors: Lynell Durchholz
    (812) 465-7267   (812) 464-1366
    Rick.Jillson@oldnational.com   Lynell.Durchholz@oldnational.com
                   
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Income Statement                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    FTE adjustment1,3   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income – tax equivalent basis3   521,853     393,003     399,957     397,868     394,761       914,856     757,472  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Net income available to common shareholders $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Per Common Share Data                
    Weighted average diluted shares   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Cash dividends   0.14     0.14     0.14     0.14     0.14       0.28     0.28  
    Dividend payout ratio2   41 %   32 %   30 %   32 %   38 %     36 %   36 %
    Book value $ 20.12   $ 19.71   $ 19.11   $ 19.20   $ 18.28     $ 20.12   $ 18.28  
    Stock price   21.34     21.19     21.71     18.66     17.19       21.34     17.19  
    Tangible book value3   12.60     12.54     11.91     11.97     11.05       12.60     11.05  
    Performance Ratios                
    ROAA   0.77 %   1.08 %   1.14 %   1.08 %   0.92 %     0.91 %   0.95 %
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROATCE3   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    NIM (FTE)3   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
    Efficiency ratio3   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    NCOs to average loans   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    ACL on loans to EOP loans   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL4 to EOP loans   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    NPLs to EOP loans   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    Balance Sheet (EOP)                
    Total loans $ 47,902,819   $ 36,413,944   $ 36,285,887   $ 36,400,643   $ 36,150,513     $ 47,902,819   $ 36,150,513  
    Total assets   70,979,805     53,877,944     53,552,272     53,602,293     53,119,645       70,979,805     53,119,645  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228       54,357,683     39,999,228  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204       7,346,098     6,085,204  
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072       8,126,387     6,075,072  
    Capital Ratios3                
    Risk-based capital ratios (EOP):                
    Tier 1 common equity   10.74 %   11.62 %   11.38 %   11.00 %   10.73 %     10.74 %   10.73 %
    Tier 1 capital   11.20 %   12.23 %   11.98 %   11.60 %   11.33 %     11.20 %   11.33 %
    Total capital   12.59 %   13.68 %   13.37 %   12.94 %   12.71 %     12.59 %   12.71 %
    Leverage ratio (average assets)   9.26 %   9.44 %   9.21 %   9.05 %   8.90 %     9.26 %   8.90 %
    Equity to assets (averages)   11.38 %   12.01 %   11.78 %   11.60 %   11.31 %     11.66 %   11.31 %
    TCE to TA   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %     7.26 %   6.94 %
    Nonfinancial Data                
    Full-time equivalent employees   5,313     4,028     4,066     4,105     4,267       5,313     4,267  
    Banking centers   351     280     280     280     280       351     280  
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.          
    2 Cash dividends per common share divided by net income per common share (basic).          
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        June 30, 2025 capital ratios are preliminary.
         
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.          
                     
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets      
                     
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Interest income $ 824,961   $ 630,399   $ 662,082   $ 679,925   $ 663,663     $ 1,455,360   $ 1,259,644  
    Less: interest expense   310,171     242,756     267,902     288,201     275,242       552,927     514,765  
    Net interest income   514,790     387,643     394,180     391,724     388,421       902,433     744,879  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Net interest income
    after provision for credit losses
      407,955     356,240     367,163     363,227     352,207       764,195     689,774  
    Wealth and investment services fees   35,817     29,648     30,012     29,117     29,358       65,465     57,662  
    Service charges on deposit accounts   23,878     21,156     20,577     20,350     19,350       45,034     37,248  
    Debit card and ATM fees   12,922     9,991     10,991     11,362     10,993       22,913     21,047  
    Mortgage banking revenue   10,032     6,879     7,026     7,669     7,064       16,911     11,542  
    Capital markets income   7,114     4,506     5,244     7,426     4,729       11,620     7,629  
    Company-owned life insurance   6,625     5,381     6,499     5,315     5,739       12,006     9,173  
    Other income   36,170     16,309     15,539     12,975     10,036       52,479     20,506  
    Debt securities gains (losses), net   (41 )   (76 )   (122 )   (76 )   2       (117 )   (14 )
    Total noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Salaries and employee benefits   202,112     148,305     146,605     147,494     159,193       350,417     308,996  
    Occupancy   30,432     29,053     29,733     27,130     26,547       59,485     53,566  
    Equipment   12,566     8,901     9,325     9,888     8,704       21,467     17,375  
    Marketing   13,759     11,940     12,653     11,036     11,284       25,699     21,918  
    Technology   31,452     22,020     21,429     23,343     24,002       53,472     44,025  
    Communication   5,014     4,134     4,176     4,681     4,480       9,148     8,480  
    Professional fees   21,931     7,919     11,055     7,278     10,552       29,850     16,958  
    FDIC assessment   13,409     9,700     11,970     11,722     9,676       23,109     20,989  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Amortization of tax credit investments   5,815     3,424     4,556     3,277     2,747       9,239     5,496  
    Other expense   28,646     16,245     18,085     19,023     18,389       44,891     34,633  
    Total noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Income before income taxes   155,706     181,563     186,105     185,082     156,479       337,269     309,251  
    Income tax expense   30,298     36,904     32,232     41,280     35,250       67,202     67,738  
    Net income $ 125,408   $ 144,659   $ 153,873   $ 143,802   $ 121,229     $ 270,067   $ 241,513  
    Preferred dividends   (4,033 )   (4,034 )   (4,034 )   (4,034 )   (4,033 )     (8,067 )   (8,067 )
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
                     
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Weighted Average Common Shares Outstanding                
    Basic   360,155     315,925     315,673     315,622     315,585       338,162     303,283  
    Diluted   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    (EOP)   391,818     319,236     318,980     318,955     318,969       391,818     318,969  
                     
                     
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Assets          
    Cash and due from banks $ 637,556   $ 486,061   $ 394,450   $ 498,120   $ 428,665  
    Money market and other interest-earning investments   1,171,015     753,719     833,518     693,450     804,381  
    Investments:          
    Treasury and government-sponsored agencies   2,445,733     2,364,170     2,289,903     2,335,716     2,207,004  
    Mortgage-backed securities   9,632,206     6,458,023     6,175,103     6,085,826     5,890,371  
    States and political subdivisions   1,590,272     1,589,555     1,637,379     1,665,128     1,678,597  
    Other securities   852,687     755,348     781,656     783,079     775,623  
    Total investments   14,520,898     11,167,096     10,884,041     10,869,749     10,551,595  
    Loans held-for-sale, at fair value   77,618     40,424     34,483     62,376     66,126  
    Loans:          
    Commercial   14,662,916     10,650,615     10,288,560     10,408,095     10,332,631  
    Commercial and agriculture real estate   21,879,785     16,135,327     16,307,486     16,356,216     16,016,958  
    Residential real estate   8,212,242     6,771,694     6,797,586     6,757,896     6,894,957  
    Consumer   3,147,876     2,856,308     2,892,255     2,878,436     2,905,967  
    Total loans   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513  
    Allowance for credit losses on loans   (565,109 )   (401,932 )   (392,522 )   (380,840 )   (366,335 )
    Premises and equipment, net   682,539     584,664     588,970     599,528     601,945  
    Goodwill and other intangible assets   2,944,372     2,289,268     2,296,098     2,305,084     2,306,204  
    Company-owned life insurance   1,046,693     859,211     859,851     863,723     862,032  
    Accrued interest receivable and other assets   2,561,404     1,685,489     1,767,496     1,690,460     1,714,519  
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 12,652,556   $ 9,186,314   $ 9,399,019   $ 9,429,285   $ 9,336,042  
    Interest-bearing:          
    Checking and NOW accounts   9,194,738     7,736,014     7,538,987     7,314,245     7,680,865  
    Savings accounts   5,058,819     4,715,329     4,753,279     4,781,447     4,983,811  
    Money market accounts   16,564,125     11,638,653     11,807,228     11,601,461     10,485,491  
    Other time deposits   7,613,377     6,212,898     5,819,970     6,010,070     5,688,432  
    Total core deposits   51,083,615     39,489,208     39,318,483     39,136,508     38,174,641  
    Brokered deposits   3,274,068     1,545,364     1,505,077     1,709,238     1,824,587  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228  
               
    Federal funds purchased and interbank borrowings   340,246     170     385     135,263     250,154  
    Securities sold under agreements to repurchase   297,637     290,256     268,975     244,626     240,713  
    Federal Home Loan Bank advances   5,835,918     4,514,354     4,452,559     4,471,153     4,744,560  
    Other borrowings   872,297     642,274     689,618     598,054     849,777  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204  
    Accrued expenses and other liabilities   1,149,637     861,664     976,825     940,153     960,141  
    Total liabilities   62,853,418     47,343,290     47,211,922     47,234,995     47,044,573  
    Preferred stock, common stock, surplus, and retained earnings   8,725,995     7,183,163     7,086,393     6,971,054     6,866,480  
    Accumulated other comprehensive income (loss), net of tax   (599,608 )   (648,509 )   (746,043 )   (603,756 )   (791,408 )
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072  
    Total liabilities and shareholders’ equity $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        June 30, 2025   March 31, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,424,700   $ 14,791 4.16 %   $ 791,067   $ 8,815 4.52 %   $ 814,944   $ 11,311 5.58 %
    Investments:                        
    Treasury and government-sponsored agencies     2,396,691     20,820 3.47 %     2,318,869     20,019 3.45 %     2,208,935     21,531 3.90 %
    Mortgage-backed securities     8,567,318     87,734 4.10 %     6,287,825     54,523 3.47 %     5,828,225     47,904 3.29 %
    States and political subdivisions     1,596,899     13,402 3.36 %     1,610,819     13,242 3.29 %     1,686,994     14,290 3.39 %
    Other securities     970,581     15,770 6.50 %     770,839     10,512 5.45 %     788,571     12,583 6.38 %
    Total investments     13,531,489     137,726 4.07 %     10,988,352     98,296 3.58 %     10,512,725     96,308 3.66 %
    Loans:2                        
    Commercial     13,240,876     219,446 6.63 %     10,397,991     165,595 6.37 %     10,345,098     183,425 7.09 %
    Commercial and agriculture real estate     20,022,403     316,422 6.32 %     16,213,606     245,935 6.07 %     15,870,809     260,407 6.56 %
    Residential real estate loans     7,792,440     88,852 4.56 %     6,815,091     67,648 3.97 %     6,952,942     67,683 3.89 %
    Consumer     3,049,341     54,787 7.21 %     2,871,213     49,470 6.99 %     2,910,331     50,869 7.03 %
    Total loans     44,105,060     679,507 6.16 %     36,297,901     528,648 5.83 %     36,079,180     562,384 6.24 %
                             
    Total earning assets   $ 59,061,249   $ 832,024 5.64 %   $ 48,077,320   $ 635,759 5.30 %   $ 47,406,849   $ 670,003 5.66 %
                             
    Less: Allowance for credit losses on loans     (404,871 )         (398,765 )         (331,043 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 426,513         $ 372,428         $ 430,256      
    Other assets     6,403,239           5,394,600           5,341,022      
                             
    Total assets   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 8,594,591   $ 29,291 1.37 %   $ 7,526,294   $ 23,850 1.29 %   $ 8,189,454   $ 34,398 1.69 %
    Savings accounts     4,968,232     3,777 0.30 %     4,692,239     3,608 0.31 %     5,044,800     5,254 0.42 %
    Money market accounts     15,055,735     110,933 2.96 %     11,664,650     88,381 3.07 %     10,728,156     102,560 3.84 %
    Other time deposits     7,092,124     67,204 3.80 %     5,996,108     56,485 3.82 %     5,358,103     56,586 4.25 %
    Total interest-bearing core deposits     35,710,682     211,205 2.37 %     29,879,291     172,324 2.34 %     29,320,513     198,798 2.73 %
    Brokered deposits     2,530,726     28,883 4.58 %     1,546,756     18,171 4.76 %     1,244,237     17,008 5.50 %
    Total interest-bearing deposits     38,241,408     240,088 2.52 %     31,426,047     190,495 2.46 %     30,564,750     215,806 2.84 %
                             
    Federal funds purchased and interbank borrowings     88,603     953 4.31 %     148,130     1,625 4.45 %     148,835     1,986 5.37 %
    Securities sold under agreements to repurchase     295,948     636 0.86 %     272,961     551 0.82 %     249,939     639 1.03 %
    Federal Home Loan Bank advances     6,037,462     59,042 3.92 %     4,464,590     41,896 3.81 %     4,473,978     44,643 4.01 %
    Other borrowings     828,214     9,452 4.58 %     675,759     8,189 4.91 %     891,609     12,168 5.49 %
    Total borrowed funds     7,250,227     70,083 3.88 %     5,561,440     52,261 3.81 %     5,764,361     59,436 4.15 %
                             
    Total interest-bearing liabilities   $ 45,491,635   $ 310,171 2.73 %   $ 36,987,487   $ 242,756 2.66 %   $ 36,329,111   $ 275,242 3.05 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 11,568,854         $ 9,096,676         $ 9,558,675      
    Other liabilities     973,525           944,935           980,322      
    Shareholders’ equity     7,452,116           6,416,485           5,978,976      
                             
    Total liabilities and shareholders’ equity   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Net interest rate spread       2.91 %       2.64 %       2.61 %
                             
    Net interest margin (GAAP)       3.49 %       3.23 %       3.28 %
                             
    Net interest margin (FTE)3       3.53 %       3.27 %       3.33 %
                             
    FTE adjustment     $ 7,063       $ 5,360       $ 6,340  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
                     
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                     
                     
        Six Months Ended   Six Months Ended
        June 30, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,109,634   $ 23,606 4.29 %   $ 786,094   $ 21,296 5.45 %
    Investments:                
    Treasury and government-sponsored agencies     2,357,995     40,839 3.46 %     2,285,706     44,797 3.92 %
    Mortgage-backed securities     7,433,868     142,257 3.83 %     5,592,655     86,792 3.10 %
    States and political subdivisions     1,603,821     26,644 3.32 %     1,683,585     28,266 3.36 %
    Other securities     871,262     26,282 6.03 %     779,504     24,756 6.35 %
    Total investments   $ 12,266,946   $ 236,022 3.85 %   $ 10,341,450   $ 184,611 3.57 %
    Loans:2                
    Commercial     11,827,287     385,041 6.51 %     9,942,741     350,688 7.05 %
    Commercial and agriculture real estate     18,128,526     562,357 6.20 %     15,119,590     490,493 6.49 %
    Residential real estate loans     7,306,465     156,500 4.28 %     6,823,378     130,686 3.83 %
    Consumer     2,960,769     104,257 7.10 %     2,777,711     94,463 6.84 %
    Total loans     40,223,047     1,208,155 6.01 %     34,663,420     1,066,330 6.16 %
                     
    Total earning assets   $ 53,599,627   $ 1,467,783 5.48 %   $ 45,790,964   $ 1,272,237 5.56 %
                     
    Less: Allowance for credit losses on loans     (401,835 )         (322,256 )    
                     
    Non-earning Assets:                
    Cash and due from banks   $ 399,620         $ 396,466      
    Other assets     5,901,705           5,151,308      
                     
    Total assets   $ 59,499,117         $ 51,016,482      
                     
    Interest-Bearing Liabilities:                
    Checking and NOW accounts   $ 8,063,393   $ 53,141 1.33 %   $ 7,665,327   $ 59,650 1.56 %
    Savings accounts     4,830,998     7,385 0.31 %     5,035,100     10,271 0.41 %
    Money market accounts     13,369,560     199,314 3.01 %     10,322,808     196,773 3.83 %
    Other time deposits     6,547,143     123,689 3.81 %     5,023,620     104,018 4.16 %
    Total interest-bearing core deposits     32,811,094     383,529 2.36 %     28,046,855     370,712 2.66 %
    Brokered deposits     2,041,459     47,054 4.65 %     1,145,744     30,533 5.36 %
    Total interest-bearing deposits     34,852,553     430,583 2.49 %     29,192,599     401,245 2.76 %
                     
    Federal funds purchased and interbank borrowings     118,202     2,578 4.40 %     108,962     2,947 5.44 %
    Securities sold under agreements to repurchase     284,518     1,187 0.84 %     273,088     1,556 1.15 %
    Federal Home Loan Bank advances     5,255,372     100,938 3.87 %     4,430,236     85,810 3.90 %
    Other borrowings     752,408     17,641 4.73 %     858,727     23,207 5.43 %
    Total borrowed funds     6,410,500     122,344 3.85 %     5,671,013     113,520 4.03 %
                     
    Total interest-bearing liabilities     41,263,053     552,927 2.70 %     34,863,612     514,765 2.97 %
                     
    Noninterest-Bearing Liabilities and Shareholders’ Equity              
    Demand deposits   $ 10,339,594         $ 9,408,406      
    Other liabilities     959,309           972,205      
    Shareholders’ equity     6,937,161           5,772,259      
                     
    Total liabilities and shareholders’ equity   $ 59,499,117         $ 51,016,482      
                     
    Net interest rate spread       2.78 %       2.59 %
                     
    Net interest margin (GAAP)       3.37 %       3.25 %
                     
    Net interest margin (FTE)3       3.41 %       3.31 %
                     
    FTE adjustment     $ 12,423       $ 12,593  
                     
    1 Interest income is reflected on a FTE.
    2 Includes loans held-for-sale.                
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.    
     
                     
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Allowance for credit losses:                
    Beginning allowance for credit losses on loans $ 401,932   $ 392,522   $ 380,840   $ 366,335   $ 319,713     $ 392,522   $ 307,610  
    Allowance established for acquired PCD loans   90,442     —     —     2,803     23,922       90,442     23,922  
    Provision for credit losses on loans   99,263     31,026     30,417     29,176     36,745       130,289     60,598  
    Gross charge-offs   (29,954 )   (24,540 )   (21,278 )   (18,965 )   (17,041 )     (54,494 )   (31,061 )
    Gross recoveries   3,426     2,924     2,543     1,491     2,996       6,350     5,266  
    NCOs   (26,528 )   (21,616 )   (18,735 )   (17,474 )   (14,045 )     (48,144 )   (25,795 )
    Ending allowance for credit losses on loans $ 565,109   $ 401,932   $ 392,522   $ 380,840   $ 366,335     $ 565,109   $ 366,335  
    Beginning allowance for credit losses on unfunded commitments $ 22,031   $ 21,654   $ 25,054   $ 25,733   $ 26,264     $ 21,654   $ 31,226  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Ending allowance for credit losses on unfunded commitments $ 29,603   $ 22,031   $ 21,654   $ 25,054   $ 25,733     $ 29,603   $ 25,733  
    Allowance for credit losses $ 594,712   $ 423,963   $ 414,176   $ 405,894   $ 392,068     $ 594,712   $ 392,068  
    Provision for credit losses on loans $ 99,263   $ 31,026   $ 30,417   $ 29,176   $ 36,745     $ 130,289   $ 60,598  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Provision for credit losses $ 106,835   $ 31,403   $ 27,017   $ 28,497   $ 36,214     $ 138,238   $ 55,105  
    NCOs / average loans1   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    Average loans1 $ 44,075,472   $ 36,284,059   $ 36,410,414   $ 36,299,544   $ 36,053,845     $ 40,201,289   $ 34,648,292  
    EOP loans1   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513       47,902,819     36,150,513  
    ACL on loans / EOP loans1   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL / EOP loans1   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    Underperforming Assets:                
    Loans 90 days and over (still accruing) $ 16,893   $ 6,757   $ 4,060   $ 1,177   $ 5,251     $ 16,893   $ 5,251  
    Nonaccrual loans   594,709     469,211     447,979     443,597     340,181       594,709     340,181  
    Foreclosed assets   7,986     6,301     4,294     4,077     8,290       7,986     8,290  
    Total underperforming assets $ 619,588   $ 482,269   $ 456,333   $ 448,851   $ 353,722     $ 619,588   $ 353,722  
    Classified and Criticized Assets:                
    Nonaccrual loans $ 594,709   $ 469,211   $ 447,979   $ 443,597   $ 340,181     $ 594,709   $ 340,181  
    Substandard loans (still accruing)   1,969,260     1,479,630     1,073,413     1,074,243     841,087       1,969,260     841,087  
    Loans 90 days and over (still accruing)   16,893     6,757     4,060     1,177     5,251       16,893     5,251  
    Total classified loans – “problem loans”   2,580,862     1,955,598     1,525,452     1,519,017     1,186,519       2,580,862     1,186,519  
    Other classified assets   43,495     53,239     58,954     59,485     60,772       43,495     60,772  
    Special Mention   1,008,716     828,314     908,630     837,543     967,655       1,008,716     967,655  
    Total classified and criticized assets $ 3,633,073   $ 2,837,151   $ 2,493,036   $ 2,416,045   $ 2,214,946     $ 3,633,073   $ 2,214,946  
    Loans 30-89 days past due (still accruing) $ 128,771   $ 72,517   $ 93,141   $ 91,750   $ 51,712     $ 128,771   $ 51,712  
    Nonaccrual loans / EOP loans1   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    ACL / nonaccrual loans   100 %   90 %   92 %   92 %   115 %     100 %   115 %
    Under-performing assets/EOP loans1   1.29 %   1.32 %   1.26 %   1.23 %   0.98 %     1.29 %   0.98 %
    Under-performing assets/EOP assets   0.87 %   0.90 %   0.85 %   0.84 %   0.67 %     0.87 %   0.67 %
    30+ day delinquencies/EOP loans1   0.30 %   0.22 %   0.27 %   0.26 %   0.16 %     0.30 %   0.16 %
                     
    1 Excludes loans held-for-sale.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Earnings Per Share:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Adjustments:                
    CECL Day 1 non-PCD provision expense   75,604     —     —     —     15,312       75,604     15,312  
    Tax effect1   (20,802 )   —     —     —     (3,476 )     (20,802 )   (3,476 )
    CECL Day 1 non-PCD provision expense, net   54,802     —     —     —     11,836       54,802     11,836  
    Merger-related charges   41,206     5,856     8,117     6,860     19,440       47,062     22,348  
    Tax effect1   (11,337 )   (1,089 )   (2,058 )   (1,528 )   (4,413 )     (12,426 )   (5,123 )
    Merger-related charges, net   29,869     4,767     6,059     5,332     15,027       34,636     17,225  
    Pension plan gain   (21,001 )   —     —     —     —       (21,001 )   —  
    Tax effect1   5,778     —     —     —     —       5,778     —  
    Pension plan gain, net   (15,223 )   —     —     —     —       (15,223 )   —  
    Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Tax effect1   (11 )   (14 )   (31 )   (17 )   1       (25 )   (3 )
    Debt securities (gains) losses, net   30     62     91     59     (1 )     92     11  
    Separation expense   —     —     —     2,646     —       —     —  
    Tax effect1   —     —     —     (589 )   —       —     —  
    Separation expense, net   —     —     —     2,057     —       —     —  
    Distribution of excess pension assets   —     —     —     —     —   —   —     13,318  
    Tax effect1   —     —     —     —     —   —   —     (3,250 )
    Distribution excess pension assets, net   —     —     —     —     —       —     10,068  
    FDIC special assessment   —     —     —     —     —       —     2,994  
    Tax effect1   —     —     —     —     —       —     (731 )
    FDIC special assessment, net   —     —     —     —     —       —     2,263  
    Total adjustments, net   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Net income applicable to common shares, adjusted $ 190,853   $ 145,454   $ 155,989   $ 147,216   $ 144,058     $ 336,307   $ 274,849  
    Weighted average diluted common shares outstanding   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Adjusted EPS, diluted $ 0.53   $ 0.45   $ 0.49   $ 0.46   $ 0.46     $ 0.99   $ 0.90  
    NIM:                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    Add: FTE adjustment2   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income (FTE) $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Average earning assets $ 59,061,249   $ 48,077,320   $ 48,411,803   $ 47,905,463   $ 47,406,849     $ 53,599,627   $ 45,790,964  
    NIM (GAAP)   3.49 %   3.23 %   3.26 %   3.27 %   3.28 %     3.37 %   3.25 %
    NIM (FTE)   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    PPNR:                
    Net interest income (FTE)2 $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Add: Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Total revenue (FTE)   654,370     486,797     495,723     492,006     482,032       1,141,167     922,265  
    Less: Noninterest expense   (384,766 )   (268,471 )   (276,824 )   (272,283 )   (282,999 )     (653,237 )   (545,316 )
    PPNR $ 269,604   $ 218,326   $ 218,899   $ 219,723   $ 199,033     $ 487,930   $ 376,949  
    Adjustments:                
    Pension plan termination gain $ (21,001 ) $ —   $ —   $ —   $ —     $ (21,001 ) $ —  
    Debt securities (gains) losses $ 41   $ 76   $ 122   $ 76   $ (2 )   $ 117   $ 14  
    Noninterest income adjustments   (20,960 )   76     122     76     (2 )     (20,884 )   14  
    Adjusted noninterest income   111,557     93,870     95,888     94,214     87,269       205,427     164,807  
    Adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Adjustments:                
    Merger-related charges $ 41,206   $ 5,856   $ 8,117   $ 6,860   $ 19,440     $ 47,062   $ 22,348  
    Separation expense   —     —     —     2,646     —       —     —  
    Distribution of excess pension assets   —     —     —     —     —       —     13,318  
    FDIC Special Assessment   —     —     —     —     —       —     2,994  
    Noninterest expense adjustments   41,206     5,856     8,117     9,506     19,440       47,062     38,660  
    Adjusted total noninterest expense   (343,560 )   (262,615 )   (268,707 )   (262,777 )   (263,559 )     (606,175 )   (506,656 )
    Adjusted PPNR $ 289,850   $ 224,258   $ 227,138   $ 229,305   $ 218,471     $ 514,108   $ 415,623  
    Efficiency Ratio:                
    Noninterest expense $ 384,766   $ 268,471   $ 276,824   $ 272,283   $ 282,999     $ 653,237   $ 545,316  
    Less: Amortization of intangibles   (19,630 )   (6,830 )   (7,237 )   (7,411 )   (7,425 )     (26,460 )   (12,880 )
    Noninterest expense, excl. amortization of intangibles   365,136     261,641     269,587     264,872     275,574       626,777     532,436  
    Less: Amortization of tax credit investments   (5,815 )   (3,424 )   (4,556 )   (3,277 )   (2,747 )     (9,239 )   (5,496 )
    Less: Noninterest expense adjustments   (41,206 )   (5,856 )   (8,117 )   (9,506 )   (19,440 )     (47,062 )   (38,660 )
    Adjusted noninterest expense, excluding amortization $ 318,115   $ 252,361   $ 256,914   $ 252,089   $ 253,387     $ 570,476   $ 488,280  
    Total revenue (FTE)2 $ 654,370   $ 486,797   $ 495,723   $ 492,006   $ 482,032     $ 1,141,167   $ 922,265  
    Less: Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Less: Pension plan gain   (21,001 )   —     —     —     —       (21,001 )   —  
    Total adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Efficiency Ratio   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    Adjusted Efficiency Ratio   50.2 %   51.8 %   51.8 %   51.2 %   52.6 %     50.9 %   52.9 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    ROAE and ROATCE:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Tax effect1   (4,908 )   (1,708 )   (1,809 )   (1,853 )   (1,856 )     (6,615 )   (3,220 )
    Amortization of intangibles, net   14,722     5,122     5,428     5,558     5,569       19,845     9,660  
    Net income applicable to common shares, excluding intangibles amortization   136,097     145,747     155,267     145,326     122,765       281,845     243,106  
    Total adjustments, net (see pg.12)   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 205,575   $ 150,576   $ 161,417   $ 152,774   $ 149,627     $ 356,152   $ 284,509  
    Average shareholders’ equity $ 7,452,116   $ 6,416,485   $ 6,338,953   $ 6,190,071   $ 5,978,976     $ 6,937,161   $ 5,772,259  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )     (243,719 )   (243,719 )
    Average shareholders’ common equity $ 7,208,397   $ 6,172,766   $ 6,095,234   $ 5,946,352   $ 5,735,257     $ 6,693,442   $ 5,528,540  
    Average goodwill and other intangible assets   (2,670,710 )   (2,292,526 )   (2,301,177 )   (2,304,597 )   (2,245,405 )     (2,482,663 )   (2,171,872 )
    Average tangible shareholder’s common equity $ 4,537,687   $ 3,880,240   $ 3,794,057   $ 3,641,755   $ 3,489,852     $ 4,210,779   $ 3,356,668  
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROAE, adjusted   10.6 %   9.4 %   10.2 %   9.9 %   10.0 %     10.0 %   9.9 %
    ROATCE   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    ROATCE, adjusted   18.1 %   15.5 %   17.0 %   16.8 %   17.1 %     16.9 %   17.0 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Tangible Common Equity:          
    Shareholders’ equity $ 8,126,387   $ 6,534,654   $ 6,340,350   $ 6,367,298   $ 6,075,072  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 7,882,668   $ 6,290,935   $ 6,096,631   $ 6,123,579   $ 5,831,353  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible shareholders’ common equity $ 4,938,296   $ 4,001,667   $ 3,800,533   $ 3,818,495   $ 3,525,149  
               
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible assets $ 68,035,433   $ 51,588,676   $ 51,256,174   $ 51,297,209   $ 50,813,441  
               
    Risk-weighted assets3 $ 52,517,871   $ 40,266,670   $ 40,314,805   $ 40,584,608   $ 40,627,117  
               
    Tangible common equity to tangible assets   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %
    Tangible common equity to risk-weighted assets3   9.40 %   9.94 %   9.43 %   9.41 %   8.68 %
    Tangible Common Book Value:          
    Common shares outstanding   391,818     319,236     318,980     318,955     318,969  
    Tangible common book value $ 12.60   $ 12.54   $ 11.91   $ 11.97   $ 11.05  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 June 30, 2025 figures are preliminary.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Gilat Awarded Approximately $60 Million to Provide Digital Inclusion Solutions in Peru

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, July 22, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Peruvian subsidiary, Gilat Perú, has been awarded approximately $60 million in orders from Pronatel (Programa Nacional de Telecomunicaciones), Peru’s national telecommunications program. The orders are for upgrading the Regional Broadband infrastructure across the regions of Apurímac, Huancavelica and Ayacucho. Migration is expected to take place over the next 12 months and the service will be delivered over 4 years.

    This major infrastructure modernization will bring high-speed internet of 200 Mbps directly to nearly 800 public institutions, including schools, health centers, and police stations across 280 localities. The award marks a significant step forward in closing the digital divide and empowering rural communities in Peru with the connectivity they need to access education, healthcare, and public services, laying a strong, scalable foundation for future bandwidth growth in rural areas that need it most.

    The project reflects Gilat’s continued partnership with the Peruvian State and long-standing commitment to digital access for all, strengthening public services in some of the most remote areas of Peru.

    “With extensive experience implementing complex connectivity projects throughout Peru, we are uniquely qualified to carry out this critical migration in record time,” said Arieh Rohrstock, Corporate Senior Vice President and President, Gilat Peru. “Together with Pronatel, we’re advancing our shared goal of increasing digital inclusion in the most remote regions of the country by delivering the high-speed infrastructure needed to support essential public services.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to Israel’s preemptive strike against Iran’s nuclear project and the continued hostilities between Israel and Iran, and the hostilities between Israel and Hamas. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks

    Hagay Katz, Chief Product and Marketing Officer

    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Manhattan Bridge Capital, Inc. Reports Second Quarter Results for 2025

    Source: GlobeNewswire (MIL-OSI)

    GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increase of origination fees. For the three months ended June 30, 2025 and 2024, approximately $1,899,000 and $2,033,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $456,000 and $411,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the three months ended June 30, 2025 was approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the three months ended June 30, 2024, an increase of $4,000.

    Total revenues for the six months ended June 30, 2025 were approximately $4,629,000, compared to approximately $5,016,000 for the six months ended June 30, 2024, a decrease of $387,000, or 7.7%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period. For the six months ended June 30, 2025 and 2024, revenues of approximately $3,733,000 and $4,175,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $896,000 and $841,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the six months ended June 30, 2025 was approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the six months ended June 30, 2024, a decrease of $99,000, or 3.4%. This decrease is primarily attributable to the decrease in interest income from loans, partially offset by a decrease in interest expense.

    As of June 30, 2025, total shareholders’ equity was approximately $43,427,000.

    Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “Interest rates are still weighing on the real estate markets; therefore, we’re experiencing a slower pace of loan closings versus our typical pace, and longer loan terms, reflected by a higher amount of extended loans over the initial ultra short term of one year. Yet, we managed to deliver another quarter with net earnings of $0.12.”

    About Manhattan Bridge Capital, Inc.

    Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

    Forward Looking Statements

    This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the impact of interest rates on the real estate markets, including on pace of closings and terms of loans, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
     
    Assets June 30, 2025
    (unaudited)
      December 31, 2024
    (audited)
    Loans receivable, net of deferred origination and other fees $ 65,217,737     $ 65,405,731  
    Interest and other fees receivable on loans   1,877,218       1,521,033  
    Cash   208,767       178,012  
    Cash – restricted   875       23,750  
    Other assets   153,112       62,080  
    Right-of-use asset – operating lease, net   127,633       154,039  
    Deferred financing costs, net   9,240       16,171  
    Total assets $ 67,594,582     $ 67,360,816  

    Liabilities and Stockholders’ Equity

    Liabilities:      
    Line of credit $ 16,523,205     $ 16,427,874  
    Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively)   5,940,557       5,903,015  
    Accounts payable and accrued expenses   198,622       232,236  
    Operating lease liability   139,882       167,119  
    Loan holdback   50,000       50,000  
    Dividends payable   1,315,445       1,315,445  
    Total liabilities   24,167,711       24,095,689  
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding   —       —  
    Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding   11,757       11,757  
    Additional paid-in capital   45,568,473       45,561,941  
    Less: Treasury stock, at cost – 318,407 shares   (1,070,406 )     (1,070,406 )
    Accumulated deficit   (1,082,953 )     (1,238,165 )
    Total stockholders’ equity   43,426,871       43,265,127  
    Total liabilities and stockholders’ equity $ 67,594,582     $ 67,360,816  
                   
    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months
    Ended June 30,
    Six Months
    Ended June 30,
        2025     2024     2025     2024  
    Revenue:                        
    Interest income from loans $ 1,899,403   $ 2,032,687   $ 3,733,317   $ 4,175,174  
    Origination fees   455,833     410,528     895,632     841,119  
    Total revenue   2,355,236     2,443,215     4,628,949     5,016,293  
                           
    Operating costs and expenses:        
    Interest and amortization of deferred financing costs   506,250     603,230     957,615     1,293,819  
    Referral fees   1,523     500     1,667     1,000  
    General and administrative expenses   437,785     434,282     891,355     844,560  
    Total operating costs and expenses   945,558     1,038,012     1,850,637     2,139,379  
    Income from operations   1,409,678     1,405,203     2,778,312     2,876,914  
    Other income   4,500     4,500     9,000     9,000  
    Income before income tax expense   1,414,178     1,409,703     2,787,312     2,885,914  
    Income tax expense   (1,210 )   (650 )   (1,210 )   (650 )
    Net income $ 1,412,968   $ 1,409,053   $ 2,786,102   $ 2,885,264  
             
    Basic and diluted net income per common
    share outstanding:
           
    –Basic $                 0.12   $                 0.12   $                   0.24   $                   0.25  
    –Diluted $                 0.12   $                 0.12   $                 0.24   $                 0.25  
             
    Weighted average number of common shares outstanding:        
    –Basic   11,438,651     11,438,651     11,438,651     11,438,662  
    –Diluted   11,438,651     11,438,651     11,438,651     11,438,662  
                             

    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
    (unaudited)

    FOR THE THREE MONTHS ENDED JUNE 30, 2025

      Common Shares Additional Paid
    in Capital
    Treasury Stock Accumulated
    Deficit
    Totals
      Shares Amount   Shares Cost    
    Balance, April 1, 2025 11,757,058 $11,757 $45,565,207 318,407 $(1,070,406) $(1,180,476) $43,326,082
    Non-cash compensation     3,266       3,266
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 1,412,968 1,412,968
    Balance, June 30, 2025 11,757,058 $11,757 $45,568,473 318,407 $(1,070,406) $(1,082,953) $43,426,871

    FOR THE THREE MONTHS ENDED JUNE 30, 2024

      Common Shares Additional Paid
    in Capital
    Treasury Stock Accumulated
    Deficit
    Totals
      Shares Amount   Shares Cost    
    Balance, April 1, 2024 11,757,058 $11,757 $45,552,142 318,407 $(1,070,406) $(1,406,555) $43,086,938
    Non-cash compensation     3,266       3,266
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 1,409,053 1,409,053
    Balance, June 30, 2024 11,757,058 $11,757 $45,555,408 318,407 $(1,070,406) $(1,312,947) $43,183,812

    FOR THE SIX MONTHS ENDED JUNE 30, 2025

      Common Shares Additional Paid
    in Capital
    Treasury Stock Accumulated
    Deficit
    Totals
      Shares Amount   Shares Cost    
    Balance, January 1, 2025 11,757,058 $11,757 $45,561,941 318,407 $(1,070,406) $(1,238,165) $ 43,265,127
    Non-cash compensation     6,532       6,532
    Dividends paid           (1,315,445) (1,315,445)
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 2,786,102 2,786,102
    Balance, June 30, 2025 11,757,058 $11,757 $45,568,473 318,407 $(1,070,406) $(1,082,953) $43,426,871

    FOR THE SIX MONTHS ENDED JUNE 30, 2024

      Common Shares Additional Paid
    in Capital
    Treasury Stock Accumulated
    Deficit
    Totals
      Shares Amount   Shares Cost    
    Balance, January 1, 2024 11,757,058 $11,757 $45,548,876 316,407 $(1,060,606) $(1,567,321) $42,932,706
    Purchase of treasury shares       2,000 (9,800)   (9,800)
    Non-cash compensation     6,532       6,532
    Dividends paid           (1,315,445) (1,315,445)
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 2,885,264 2,885,264
    Balance, June 30, 2024 11,757,058 $11,757 $45,555,408 318,407 $(1,070,406) $(1,312,947) $43,183,812
    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
     
        Six Months
    Ended June 30,
          2025       2024  
    Cash flows from operating activities:        
    Net income   $ 2,786,102     $ 2,885,264  
    Adjustments to reconcile net income to net cash provided by operating activities –        
    Amortization of deferred financing costs     44,473       44,191  
    Adjustment to right-of-use asset – operating lease and liability     (831 )     190  
    Depreciation     2,790       2,209  
    Non-cash compensation expense     6,532       6,532  
    Changes in operating assets and liabilities:        
    Interest and other fees receivable on loans     (369,307 )     (315,399 )
    Other assets     (93,403 )     (71,703 )
    Accounts payable and accrued expenses     (33,614 )     (53,044 )
    Deferred origination and other fees     64,338       (72,992 )
    Net cash provided by operating activities     2,407,080       2,425,248  
             
    Cash flows from investing activities:        
    Issuance of short-term loans     (23,482,540 )     (19,455,000 )
    Collections received from loans     23,619,317       25,866,190  
    Purchase of fixed assets     (418 )     (1,191 )
    Net cash provided by investing activities     136,359       6,409,999  
             
    Cash flows from financing activities:        
    Repayment of line of credit     (26,365,153 )     (27,543,007 )
    Proceeds from line of credit     26,460,484       19,736,179  
    Dividends paid     (2,630,890 )     (2,602,518 )
    Purchase of treasury shares     —       (9,800 )
    Deferred financing costs incurred     —       (2,167 )
    Net cash used in financing activities     (2,535,559 )     (10,421,313 )
             
    Net increase (decrease) in cash                     7,880                       (1,586,066 )
    Cash and restricted cash, beginning of period(1)     201,762       1,691,995  
    Cash and restricted cash, end of period(2)   $          209,642     $          105,929  
             
    Supplemental Disclosure of Cash Flow Information:        
    Cash paid during the period for taxes   $ 1,210     $ 650  
    Cash paid during the period for interest   $ 903,251     $ 1,297,587  
    Cash paid during the period for operating leases   $ 31,982     $ 32,208  
    Supplemental Schedule of Noncash Financing Activities:        
    Dividend declared and payable   $ 1,315,445     $ 1,315,445  
             
    Supplemental Schedule of Noncash Operating and Investing Activities:        
    Reduction in interest receivable in connection with the increase in loans receivable   $ 13,122     $ 222,520  

    (1) At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
    (2) At June 30, 2025, cash and restricted cash included $875 of restricted cash.

    SOURCE: Manhattan Bridge Capital, Inc.

    The MIL Network –

    July 22, 2025
  • Trump’s Golden Dome looks for alternatives to Musk’s SpaceX

    Source: Government of India

    Source: Government of India (4)

    The Trump administration is expanding its search for partners to build the Golden Dome missile defense system, courting Amazon.com’s Project Kuiper and big defense contractors as tensions with Elon Musk threaten SpaceX’s dominance in the program, according to three sources familiar with the matter.

    The shift marks a strategic pivot away from reliance on Musk’s SpaceX, whose Starlink and Starshield satellite networks have become central to U.S. military communications.

    It comes amid a deteriorating relationship between Trump and Musk, which culminated in a public falling-out on June 5. Even before the spat, officials at the Pentagon and White House had begun exploring alternatives to SpaceX, wary of over-reliance on a single partner for huge portions of the ambitious, $175 billion space-based defense shield, two of the sources said.

    Musk and SpaceX did not respond to requests for comment. After Reuters reported initially that SpaceX was a frontrunner to build parts of Golden Dome, Musk said on X that the company had “not tried to bid for any contract in this regard. Our strong preference would be to stay focused on taking humanity to Mars.”

    Due to its size, track record of launching more than 9,000 of its own Starlink satellites, and experience in government procurement, SpaceX still has the inside track to assist with major portions of the Golden Dome, especially launch contracts, sources say.

    Project Kuiper, which has launched just 78 of a planned constellation of 3,000 low-earth orbit satellites, has been approached by the Pentagon to join the effort, signaling the administration’s openness to integrating commercial tech firms into national defense infrastructure and going beyond traditional defense players.

    Jeff Bezos, Amazon’s executive chairman, told Reuters in January that Kuiper would be “primarily commercial,” but acknowledged “there will be defense uses for these [low-earth orbit] constellations, no doubt.”

    A spokesperson for Project Kuiper declined to comment for this story. The Pentagon declined to comment. The White House did not respond to requests for comment.

    Golden Dome’s ambitions mirror those of Israel’s Iron Dome – a homeland missile defense shield – but a larger, more complex layered defense system requires a vast network of orbiting satellites covering more territory.

    In the search for more vendors for the satellite layers of Golden Dome, “Kuiper is a big one,” a U.S. official said.

    While SpaceX remains a frontrunner due to its unmatched launch capabilities, its share of the program could shrink, two of the people said. Officials have reached out to new entrants like rocket companies Stoke Space and Rocket Lab RKLB.O are gaining traction and will be able to bid on individual launches as the program matures, according to the U.S. official.

    Later in the development of Golden Dome “each individual launch is going to get bid, and we have to actually give bids to other people,” besides SpaceX, the official said.

    NEED FOR SATELLITES

    There is an urgent need for more satellite production. Last year Congress gave Space Force a $13 billion mandate – up from $900 million – to buy satellite-based communication services in what was widely seen as one of many efforts to stimulate private sector satellite production.

    Amazon’s Project Kuiper, a $10 billion initiative led by former Starlink managers dismissed by Musk for slow progress, Reuters has reported, has lagged behind SpaceX in deployment. But its potential defense applications – such as communications that could aid missile tracking – have drawn renewed interest as the administration prepares to allocate the first $25 billion tranche of funding authorized under Trump’s sweeping tax and spending bill.

    Traditional defense giants Northrop Grumman, Lockheed Martin, and L3Harris are also in talks to support Golden Dome. L3Harris CFO Kenneth Bedingfield told Reuters in an interview the company has seen a surge in interest in its missile warning and tracking technologies, which are expected to play a key role in the system.

    Northrop, meanwhile, is pursuing several efforts including a space-based interceptor, a component that would enable missile strikes from orbit, Robert Flemming, the head of the company’s space business, told Reuters in an interview.

    “Lockheed Martin is ready to support Golden Dome for America as a proven mission partner,” Robert Lightfoot, president of Lockheed Martin Space, said in a statement.

    Golden Dome’s initial outreach this spring invited smaller, newer Silicon Valley firms seen as nimbler, more sophisticated and potentially less expensive alternatives to the big defense firms to the table – but that was before the Musk-Trump feud upended that calculus.

    Several with close ties to Trump aside from SpaceX, including Palantir and Anduril – were considered early frontrunners to win big pieces of the $175 billion project.

    But the Musk-Trump feud has reshaped the competitive landscape. Musk recently launched the “America Party,” a tech-centric, centrist political movement aimed at defeating Republicans who backed Trump’s tax-and-spend agenda.

    RAPID TIMEFRAME

    Trump launched the Golden Dome initiative just a week into his second term, pushing for rapid deployment. Space Force General Michael Guetlein, confirmed by the Senate on July 17, is set to lead the program with sweeping authority.

    Under a previously unreported directive from Defense Secretary Pete Hegseth, Guetlein has 30 days from confirmation to build a team, 60 days to deliver an initial system design, and 120 days to present a full implementation plan, including satellite and ground station details, two people briefed on the memo said.

    The inclusion of commercial platforms like Kuiper raises security concerns. Its satellites would need to be hardened against cyberattacks and electronic warfare, a challenge that has plagued even SpaceX’s Starlink network. In May 2024, Elon Musk said SpaceX was spending “significant resources combating Russian jamming efforts. This is a tough problem.”

    Beyond the technical and political challenges, Golden Dome could reshape global security dynamics. A fully operational space-based missile shield may prompt adversaries to develop new offensive capabilities or accelerate the militarization of space.

    (Reuters)

    July 22, 2025
  • MIL-Evening Report: View from The Hill: How much can Jim Chalmers get out of the economic reform roundtable?

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    We’re now less than a month away from the start of the Albanese government’s “economic reform” (aka “productivity”) roundtable, but it has become quite hard to get a fix on exactly what this gathering will amount to.

    The guest list for the August 19-21 summit is obviously tight, given the government decided it wanted the meeting to fit into the cabinet room (so avoiding a more extensive “talkfest”).

    But excluding the states and territories from a meeting that discusses deregulation and taxation means major players in these policy areas are not in the room (the NSW treasurer, Daniel Mookhey, chair of the board of treasurers, is the only state government representative invited). Treasurer Jim Chalmers says he will meet state treasurers beforehand, but that doesn’t quite cover their omission.

    The government has flagged that industrial relations isn’t on the table, although the unions will be at that table. Yet IR is a major issue in productivity, so that excludes a central area from discussion. The unions are being given a level of protection other players potentially do not have.

    Tax reform is a central topic at the roundtable, the themes of which are productivity, budget sustainability and economic resilience. But the scope of what is up for serious consideration is limited.

    The government is not willing to consider changing the GST, even if it is not formally ruling out it being canvassed.

    When it was put to him that he opposed altering the GST, Prime Minister Anthony Albanese told the ABC this week what he would not do was “go to an election and secure a majority because our government concentrated on cost-of-living measures in our first term […] and immediately we get elected and we say, we’re going to put up the price of everything that you buy.

    “That is not something that’s tenable. That’s something which would have represented a breach of trust upon which we were elected on May 3rd.”

    Rejecting an overhaul of the GST kyboshes, for better or worse, a major tax switch from our over-reliance on personal income tax to putting more of the tax burden on indirect tax. This is a change many tax experts advocate.

    Despite the hype around the pre-roundtable discussion of broad tax reform, what appears likely to find favour with the government are tax changes affecting wealth (but excluding the family home) and the resources sector.

    It remains unclear to what extent Chalmers will seek to define the outcome beforehand. That is: will he, after reviewing the submissions, go into the roundtable with a firm idea of what he wants to get out of it, and then see how much he can get over the “consensus” line?

    Helpfully for everyone at the roundtable, the Productivity Commission is about to release a series of reports on various aspects of productivity, which will provide data and ideas.

    These cover economic resilience, improving workforce skills and adaptability, harnessing digital technology, improving care delivery, and investing in the net zero transformation.

    Meanwhile business, which felt it was made something of a patsy in the 2022 jobs and skills summit, with the government using that meeting to gain traction for what it already wanted to do, is being cautious this time.

    Even before the formal announcement of the roundtable, it set up a group following the government’s nomination of productivity as a central priority for this term. The umbrella body’s first meeting was attended by more than 20 groups representing businesses of all sizes, universities and the investment community. This body is ongoing. It includes the Business Council of Australia, the Australian Industry Group, the Australian Chamber of Commerce and Industry, the Minerals Council of Australia and the Council of Small Business Organisations.

    The umbrella body will put forward a suite of recommendations for the roundtable including on investment, innovation, reducing red tape, planning and approval processes, tax, education and employment.

    We now have the full list of roundtable participants. It’s interesting for who’s there and who’s not. Ken Henry, of the seminal Henry taxation report – of which Chalmers has vivid memories from his days as a staffer of former treasurer Wayne Swan – will be present. Henry last week gave a strong presentation at the National Press Club about the pressing need for reform of the environment protection regime.

    Also scoring an invitation is teal crossbencher Allegra Spender, who made tax reform one of her core issues last term. Spender is holding her own “tax reform roundtable” on Friday, with a who’s who of experts.

    But left off the Treasurer’s invitation list list was the Minerals Council of Australia. This despite the fact that tax changes in the resources area seem a ripe area for discussion.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. View from The Hill: How much can Jim Chalmers get out of the economic reform roundtable? – https://theconversation.com/view-from-the-hill-how-much-can-jim-chalmers-get-out-of-the-economic-reform-roundtable-261095

    MIL OSI Analysis – EveningReport.nz –

    July 22, 2025
  • MIL-OSI United Kingdom: Check your business rates agent’s name

    Source: United Kingdom – Government Statements

    News story

    Check your business rates agent’s name

    Make sure your business rates agent’s name in our system matches your contract.

    If you want to use an agent to manage your business rates, you need to appoint them in our Check and Challenge service. 

    But if the agent’s name in our service does not match the name on your contract, you should be cautious. You should tell us by contacting agentstandards@voa.gov.uk.  

    You can also find out how long an agent has been using their current business name. You can get information about a company for free. 

    Some rogue agents may change their name often. 

    Our  VOA agent standards set out clear expectations for agents regarding:  

    • their behaviour   

    • their professional practice   

    • the service they provide to their customers   

    We take breaches of our agent standards very seriously. We will always take action if we substantiate a breach of the standards.  

    You should be cautious of any agent who:   

    • tries to pressure you to make a decision or sign a contract   

    • says they are acting on behalf of the VOA or forwards emails they claim are from the VOA   

    • demands large sums of money up front   

    • makes claims about ‘unclaimed credits’ or similar   

    Remember – you don’t have to use an agent to manage your business rates.   

    You can challenge your rateable value through our online service. This service is free to use.   

    If you want an agent to manage your business rates, use our checklist to choose an agent. Don’t let an agent choose you.  

    Using an agent who is a member of a professional body may provide extra reassurance as they will be subject to that body’s rules and regulations. The Institute of Revenues, Rating, Valuation, Royal Institution of Chartered Surveyors and Rating Surveyors’ Association have published joint standards that their members should follow. 

    We also have guidance on staying safe from scammers.   

    We collect evidence of poor agent behaviour and practices in the course of our work. This evidence allows us to proactively address issues or concerns.   

    If you are concerned about poor behaviour by agents, send any evidence to agentstandards@voa.gov.uk. 

    We cannot advise you on contractual issues you may have with any agent. You should contact the Citizens Advice Consumer Service. They have a helpline you can call on 0808 223 1133, Monday to Friday, 9am to 5pm. 

    If you think a business has broken the law or acted unfairly, you can also report them to Trading Standards via Citizens Advice. 

    If you believe you are a victim of fraud, you can make a report to Action Fraud.

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    MIL OSI United Kingdom –

    July 22, 2025
  • India implements world’s largest grain storage plan in cooperative sector

    Source: Government of India

    Source: Government of India (4)

    The central government is moving swiftly to implement the “World’s Largest Grain Storage Plan in the Cooperative Sector,” an ambitious initiative aimed at revolutionizing rural agri-infrastructure and empowering Primary Agricultural Credit Societies (PACS) across the country. Approved on May 31, 2023, the plan is currently being rolled out as a pilot project and is set to transform grain storage and agricultural logistics at the grassroots level.

    Minister of Cooperation, Amit Shah, shared these updates in a written reply in the Lok Sabha, emphasizing the Government’s commitment to transforming the cooperative sector into a pillar of rural economic development.

    The plan focuses on the creation of infrastructure at the PACS level, including godowns, custom hiring centers, food processing units, and Fair Price Shops. These developments are being implemented through convergence of various government schemes such as the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), Sub-Mission on Agricultural Mechanization (SMAM), and the Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME) scheme.

    As part of the pilot phase, construction of godowns has been completed in 11 PACS across 11 states, including Maharashtra, Uttar Pradesh, Madhya Pradesh, Gujarat, Tamil Nadu, Rajasthan, Telangana, Karnataka, Tripura, Assam, and Uttarakhand. The total storage capacity developed so far stands at 9,750 metric tonnes, with integrated facilities such as seed grading units, processing centers, and Grameen Haats also being established in some locations. More than 500 additional PACS have been identified for godown construction, with a completion target set for December 2026.

    To support the initiative’s expansion, the Government has approved a parallel plan to establish new multipurpose PACS, dairy, and fisheries cooperatives, with the aim of reaching every panchayat and village within five years. Supported by NABARD, NDDB, NFDB, and State/UT governments, this plan has already resulted in the registration of 22,933 new cooperative societies since February 15, 2023—including 5,937 multipurpose PACS. A comprehensive implementation guide, Margadarshika, was launched on September 19, 2024, to outline the timelines and responsibilities of all stakeholders.

    Additionally, in a move to digitally empower PACS, the Government has approved a ₹2,925.39 crore project for their computerization. This project will bring all functional PACS under a common ERP-based national software, ensuring integration with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs). As of June 30, 2025, a total of 73,492 PACS across 31 States and Union Territories have been sanctioned for inclusion. Of these, 59,920 have already been onboarded onto the ERP system, with hardware delivered to 64,323 PACS.

    The project is not only streamlining agricultural operations but is also expected to improve transparency, record-keeping, and credit delivery across the cooperative sector. States like Maharashtra, Rajasthan, Tamil Nadu, Gujarat, and Uttar Pradesh are leading in the number of PACS onboarded and operationalized under the ERP system.

    July 22, 2025
  • Govt pushes cooperative growth: Over 22,600 new societies registered under national plan

    Source: Government of India

    Source: Government of India (4)

    The government’s plan to strengthen the cooperative movement across rural India has made significant progress, with 22,606 new Primary Agricultural Credit Societies (PACS), dairies, and fishery cooperative societies registered across the country as of June 30, said Union Minister Amit Shah in a written reply to the Lok Sabha on Monday.

    The initiative, approved on February 15, 2023, aims to establish two lakh multipurpose cooperative societies in five years, covering every panchayat and village.

    The plan is being implemented through convergence of various central government schemes – such as the Dairy Infrastructure Development Fund (DIDF), National Programme for Dairy Development (NPDD), and PM Matsya Sampada Yojana (PMMSY) – with support from National Bank for Agriculture and Rural Development (NABARD), National Dairy Development Board (NDDB), National Fisheries Development Board (NFDB), and state governments. Importantly, the scheme uses the existing outlays of these programs and integrates them at the PACS level.

    To guide this rollout, the Ministry of Cooperation launched a standard operating procedure (Margdarshika) on September 19, 2024. This document outlines clear targets, timelines, and responsibilities for all stakeholders.

    July 22, 2025
  • MIL-OSI: PAXMINING has launched a compliant and secure cloud mining platform, supporting daily ETH/XRP payouts, AI-optimized hash power, and global device access anytime.

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 22, 2025 (GLOBE NEWSWIRE) — In the rapidly evolving world of cryptocurrency, PAXMINING has emerged as a global leader in cloud mining, providing a secure, compliant, and user-friendly platform that enables users to earn daily yields in Ethereum (ETH) and Ripple (XRP). PAXMINING is committed to providing convenience, sustainability, and cutting-edge technology to make cryptocurrency mining accessible to everyone, without the need for expensive hardware or technical expertise. With AI-optimized hashrate, global device access, and a focus on renewable energy, PAXMINING is redefining the future of passive income in cryptocurrency.

    Platform Benefits

    AI-Optimized Hashrate: Proprietary algorithms dynamically allocate hashrate to the highest-yielding cryptocurrencies, maximizing yields in real time. This AI-driven approach ensures users benefit from market fluctuations without human intervention.

    Global Device Access: Whether it’s a smartphone, tablet, or desktop computer, PAXMINING’s intuitive platform is accessible worldwide through its web interface or mobile app (available for iOS and Android). Users can monitor earnings and manage contracts anytime, anywhere.

    Sustainable Mining: PAXMINING operates more than 70 mining farms that use 100% renewable energy (wind, solar and hydroelectric power), combining profitability with environmental responsibility to support global carbon neutrality goals.

    No hardware or technical knowledge required: PAXMINING removes the barriers of traditional mining by handling all back-end operations, including equipment maintenance, cooling systems and power supply. Users only need to select a contract to start making money.

    Multi-currency support: The platform supports mining and withdrawal of multiple cryptocurrencies, including ETH, XRP, BTC, USDT, USDC, SOL, DOGE, LTC and BCH, providing flexibility for diversified portfolios.

    Low barriers and registration bonus: New users can receive a welcome bonus of $15, allowing everyone to participate in mining without any initial investment.

    Transparent pricing: PAXMINING offers clear contracts without any hidden fees, ensuring that users clearly understand the fees they pay and the benefits they receive.

    Mining Contracts and Daily Returns

    PAXMINING offers a range of flexible mining contracts that can be tailored to different budgets and investment goals, with daily payouts in ETH or XRP. Each contract is designed to achieve predictable returns and return the principal in full upon contract expiration. The following is a detailed analysis of PAXMINING’s contract options based on available information:

    Contract Project Investment Amount The term Total revenue
    WhatsMiner M50S+ $100 2days $100+$6
    Canaan Avalon miner A14 $500 7days $500+$43.40
    WhatsMiner M60S+ $1,300 15days $1,300+$253.5
    ALPH Miner AL1 $3,500 30days $3,500+$948‬
    Bitcoin Miner S21 XP Imm  $8,000 35days $8,000+$4424
    Bitcoin Miner S21 XP Hyd $12,800 40 days $12,800+$8,601

    Observação: Os lucros estão disponíveis no dia seguinte à compra do contrato e podem ser sacados para sua carteira ou usados para comprar outros contratos. (A plataforma oferece vários contratos de retorno estável; visite o site da PAXMINING para mais detalhes.)

    How it works

    Choose a contract: Select a mining plan that fits your budget and goals, ranging from short-term (1 day) to long-term (54 days).

    Start earning: Track your daily profits in real time and withdraw your earnings in ETH, XRP or other supported cryptocurrencies.

    Why PAXMINING?

    PAXMINING’s blend of AI-driven optimization, global accessibility, and sustainable practices make it an excellent choice for cloud mining. The platform is committed to transparency, security, and ease of use, ensuring that users can confidently participate in the crypto economy without the complexities of traditional mining. With over 8 million users from over 190 countries and a proven track record since 2017, PAXMINING is your reliable partner for generating passive income with ETH and XRP.

    For more information or to get started with your mining contract, visit:

    https://paxmining.com or (click to download the mobile app)

    For direct inquiries, contact: info@paxmining.com

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Hut 8 Advances Capital Strategy with DIFC License

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 22, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its subsidiary, Hut 8 Investment Ltd, has secured a Commercial License in the Dubai International Financial Centre (“DIFC”). The license authorizes proprietary investments and certain non-financial commercial activity under the DIFC’s legal and regulatory framework, which is based on international standards and principles of common law.

    The DIFC license represents a structural expansion of Hut 8’s capital strategy, enhancing the Company’s ability to deploy Bitcoin held in reserve into structured derivatives strategies. The license is expected to broaden access to institutional counterparties, reduce trading friction, and lower transaction costs. In fiscal year 2024, Hut 8 generated more than $20 million in net proceeds from covered call options premiums on Bitcoin held in reserve. Through its presence in the DIFC, Hut 8 expects to unlock multiple advantages that support continued expansion of its active treasury management program, including:

    • Direct access to global derivatives markets: Enables Hut 8 to trade directly on institutional exchanges, reducing reliance on OTC intermediaries that historically introduced cost friction relative to spot pricing
    • Broader access to institutional-grade products and counterparties: Unlocks a wider set of global liquidity providers and instruments, enhancing strategic optionality
    • Greater flexibility in structured strategy design and execution: Allows Hut 8 to construct and manage advanced yield strategies that would more difficult to execute without a DIFC license
    • Supportive regulatory environment within a common law framework: Dubai offers an established legal and regulatory foundation for institutional digital asset activity, supporting enhanced enforceability, compliance certainty, and jurisdictional alignment

    “We believe that securing a DIFC license enhances our ability to drive outsized shareholder returns through our integrated capital strategy,” said Asher Genoot, CEO of Hut 8. “It allows us to execute directly on global derivatives markets, reduce trading costs, and access a broader range of institutional products. Within a regulatory environment that supports structured digital asset strategies, we believe we can manage Bitcoin held in reserve more efficiently, manage risk with greater precision, and optimize yield through disciplined, proactive management.”

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    About Dubai International Financial Centre

    Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres and a leading financial hub for the Middle East, Africa, and South Asia (MEASA). With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. For further information, please visit our website: difc.ae or follow us on LinkedIn and X at @DIFC.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s use of its DIFC license to expand its capital strategy, enhance the Company’s ability to deploy Bitcoin held in reserve, broaden access to institutional counterparties, reduce trading friction, lower transaction costs, and unlock other advantages to support the expansion of the Company’s active treasury management program; the impact of the DIFC’s regulatory framework; the ability of the Company to drive outsized shareholder returns; and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

    July 22, 2025
  • MIL-OSI: Landlord Sentiment Shifts in 2025: Fewer Acquisitions, More Spending on Existing Properties

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — New survey results from RentRedi, the fastest-growing rental management software, including joint data from BiggerPockets, show a measurable shift in landlord priorities for 2025. Compared to late 2024, fewer landlords plan to expand their portfolios, while more are investing in property improvements and optimizing operations. RentRedi’s rental market survey examines notable shifts in trends relating to investment strategies, renovation spending, and business priorities over time.

    As a follow-up to a survey that was conducted in November 2024, the same questions were posed to U.S. landlords between June 3-26, 2025, and responses were analyzed by region and landlord size. Over the past six months, the share of landlords planning to buy new properties dropped from 67% in November 2024 to 53% in June 2025—a 14-point decline. During the same period, the portion of landlords with no plans to change their portfolio rose by 11% from 32% to over 43%. Fewer than 1 in 25 landlords say they plan to sell a rental property this year.

    Regionally, the West experienced the biggest shift in sentiment, with the number of landlords saying they have no plans to make portfolio changes rising from 39% to 53%, a 14-point increase. In contrast, the Northeast was the most acquisition-oriented region, with 57% of investors still planning to buy property in 2025, outpacing the national average.

    Differences by landlord size also emerged. While all portfolio sizes saw a decline in buying plans, landlords with 20 or more units remain more active than their smaller counterparts. A little over 1 in 5 large landlords plan to both buy and sell property this year, compared to just 5% of small landlords. Nearly half of small landlords say they have no plans to change their portfolio, compared to 38% of large landlords.

    Another major shift is visible in home improvement plans. As of June, 35% of landlords expect to spend more than $20,000 on property upgrades this year, up from 27% in November. Nearly 2 in 3 respondents anticipate spending over $5,000 in total. Landlords with large portfolios are leading the charge: nearly two-thirds expect to spend more than $20,000, up from 36% in November. Small landlords remained more conservative, with nearly half still budgeting under $5,000.

    Regionally, the Midwest and West saw the most dramatic increases in high-dollar spending. In both regions, the share of landlords expecting to invest more than $20,000 rose by 10 points or more. At the same time, a June joint survey with BiggerPockets found that exactly half of landlords have paused some or all home improvement projects planned for 2025, suggesting a range of financial strategies and priorities depending on portfolio structure and resources.

    A separate July survey from RentRedi and BiggerPockets explored the reasons behind declining acquisition plans. More than half of landlords cited property prices as the biggest barrier to buying, while nearly a quarter pointed to interest rates. Others said slow revenue growth or time commitment were their main challenges.

    When asked what they hoped to achieve by using tools or resources in their rental business, more than one-third said increasing revenue was most important. Another one-third prioritized saving time and effort, followed by reducing costs and increasing property value.

    “With tools like RentRedi, landlords are managing their properties more efficiently, even as they face evolving challenges,” said RentRedi Co-founder and CEO Ryan Barone. “From automation to mobile access to financial reporting, we’re focused on giving landlords the control and visibility they need to make smarter decisions—whether they’re expanding, renovating, or holding steady.”

    Landlord motivations remained consistent across the board. Income generation continues to be the top reason for managing rental properties, selected by over 40% of respondents, followed by long-term investment and financial freedom. Larger landlords are more focused on income—more than half selected it as their primary goal, compared to about one-third who emphasized long-term investment and 16% who cited financial freedom, which is slightly below the 18% national average.

    Diversification appears to be a low priority in 2025. About 40% of landlords said they do not plan to diversify their portfolios by property type or location, and another quarter are unsure. Slightly more than 1 in 3 landlords say they plan to diversify in any way this year.

    This report is part of RentRedi’s ongoing initiative to surface real-world insights from landlords and property managers through data, direct surveys, and collaborations with trusted communities like BiggerPockets. For more data insight and survey result reports, visit RentRedi’s Rental Market Insights.

    Survey Methodology

    RentRedi landlords were surveyed between June 3-26, 2025. There were 1,623 respondents in total. Landlords were classified into U.S. regions by their primary business location as follows: Northeast (CT, MA, ME, NH, NJ, NY, PA, RI); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI, VT); South (AL, AR, DC, DE, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, WV); and West (AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY). Landlords were also classified by real estate portfolio size as follows: small landlords (1-4 rental units); medium landlords (5-19 rental units); and large landlords (20+ rental units). Percentages have been rounded to the nearest whole number, and therefore the values in each barchart may not equal 100%. Separately, BiggerPockets conducted its own surveys via YouTube in June and July 2025. The full survey results can be found here.

    About RentRedi

    RentRedi offers an award-winning, comprehensive rental property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. Investors can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app for rent collection, market listings, tenant screening, lease signing, maintenance coordination, and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

    Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 13 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, as well as HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using its platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1e1f54bc-0e48-44d2-ac3d-91e5bc17b910

    https://www.globenewswire.com/NewsRoom/AttachmentNg/caf18e40-7b6f-4476-813a-0e363f878e93

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8172cf42-500a-4823-9640-3a5dbf32fa91

    The MIL Network –

    July 22, 2025
  • MIL-OSI Africa: SA to launch Pandemic Fund to strengthen health preparedness 

    Source: Government of South Africa

    A mechanism set to support pandemic preparedness in low- and middle-income countries is set to be launched later this week. 

    The Department of Health, in collaboration with the World Health Organisation (WHO), the Food and Agriculture Organisation (FAO), and the United Nations Children’s Fund (UNICEF), will officially launch the Pandemic Fund. 

    As the project lead for this initiative, the Department of Health aims to strengthen South Africa’s capacity to prevent, prepare for, and respond to future pandemics.

    According to the joint statement, the launch, scheduled for Thursday in Pretoria, represents a significant milestone in global health security efforts. 

    The Pandemic Fund, hosted by the World Bank, is a global financing mechanism that provides catalytic funding to support pandemic preparedness and response in low- and middle-income countries. 

    “South Africa’s engagement through this project reinforces its leadership and commitment to advancing health system resilience,” the statement read. 

    The launch will feature keynote remarks from national and international leaders, the unveiling of South Africa’s Pandemic Fund implementation strategy, a panel discussion on pandemic preparedness, and opportunities for media engagement and networking with key stakeholders.

    The gathering will feature senior officials from various departments, including Health, Agriculture, Land Reform, and Rural Development, as well as Forestry, Fisheries, and the Environment.

    Representatives from the WHO, UNICEF, FAO, the Pandemic Fund Secretariat, development partners, civil society organisations, and the media will also be present. – SAnews.gov.za

    MIL OSI Africa –

    July 22, 2025
  • MIL-OSI Asia-Pac: Hong Kong Customs detects money laundering case involving about $1.15 billion

    Source: Hong Kong Government special administrative region

    Hong Kong Customs detects money laundering case involving about $1.15 billion 
    Acting upon intelligence, Customs officers earlier targeted a 37-year-old local man and a 50-year-old non-local man and initiated a financial investigation. It was revealed that the duo smuggled cash out of Hong Kong, and conducted stablecoin and fiat currency transactions with a doubtful fund source at a frequent and fast pace, which was highly incommensurate with their background and financial status. They were suspected of participating in money laundering activities.
     
    Following in-depth investigations, Customs officers this morning raided four residential premises and two companies and seized a batch of items suspected to be connected with the case, including mobile phones, tablets and bank cards. The two men, who claimed to be self-employed and unemployed respectively, were arrested for “dealing with property known or reasonably believed to represent proceeds of an indictable offence” (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO).
     
    An investigation is ongoing. The two arrested persons have been released on bail pending further investigation. The likelihood of further arrests is not ruled out.
     
    Under OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.
     
    Members of the public may report any suspected money laundering activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 18:40

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    July 22, 2025
  • MIL-OSI Africa: Nearly 22 000 W Cape matrics attend ’Back on Track’ classes over school holidays

    Source: Government of South Africa

    The Western Cape Education MEC, David Maynier, has announced that a total of 21 700 matric learners attended the “Back on Track” programme during the winter school holidays across the eight educational districts in the province.

    The classes covered a variety of subjects depending on the venue. 

    Last week, Maynier visited one of the province’s winter school venues, Protea Heights Academy in Brackenfell, where learners were being tutored in mathematics and physical science. 

    “Learners indicated that the extra lessons have made a big difference, as content is covered in more depth. 

    “They also highlighted that attending lessons in a different environment, with learners from several other schools, had kept them interested and helped them to focus on the work more effectively,” the MEC said. 

    As learners head back to school today, Maynier said matrics will continue with extra classes during the term, starting from this coming weekend.

    However, extra classes for Grade 4 and 7 learners will take place on selected weekends later in the term. 

    According to the MEC, the province also held intensive “Back on Track” mathematics training for Grade 10 and 11 teachers during the holidays, with 95 teachers attending across the two grades. 

    Maynier believes that this training will help to improve their teaching skills and prepare for the term ahead.

    “A big thank you to all the learners, teachers and tutors who participated in the programme during the holidays. While they have had to sacrifice part of their holidays to do so, they will reap the rewards when exam time comes and help to improve learning outcomes in the Western Cape.” 

    Meanwhile, the Western Cape Infrastructure MEC, Tertuis Simmers, donated computers, laptops and stationery to three schools in Cape Town. 

    The handover took place at Fairview Primary School in Grassy Park, Bramble Way Primary School in Bonteheuwel, and Sinethemba High School in Philippi.

    What started as 67 Minutes of giving back to local communities as part of a Mandela Day event in 2024 has grown into a year-long department’s Corporate Social Investment (CSI) outreach across the province. 

    Other CSI events have taken place over the past year in the Central Karoo, Cape Winelands, Garden Route, West Coast and City of Cape Town districts.

    The computers that were donated have been refurbished, while the stationery was donated by some of the department’s private sector partners. – SAnews.gov.za

    MIL OSI Africa –

    July 22, 2025
  • PLI schemes see actual investment of Rs 1.76 lakh crore, create over 12 lakhs jobs: Minister

    Source: Government of India

    Source: Government of India (4)

    The production-linked incentive (PLI) schemes have realised actual investment of Rs 1.76 lakh crore till March 2025 across 14 sectors, which has resulted in incremental production/sales of over Rs 16.5 lakh crore and employment generation of over 12 lakhs (direct and indirect), the Parliament was informed on Tuesday.

    To date, 806 applications have been approved under PLI schemes across 14 sectors. These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports, said Minister of State for Commerce and Industry Jitin Prasada in a written reply to the Lok Sabha.

    The pharmaceuticals sector has witnessed cumulative sales of Rs 2.66 lakh crore which includes exports of Rs 1.70 lakh crore achieved in the first three years of the scheme.

    The scheme has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from net importer (Rs 1,930 crore) as was the case in FY 2021-22. It has also resulted in significant reduction in gap between the domestic manufacturing capacity and demand of critical drugs.

    Under the PLI Scheme for medical devices, 21 projects have started manufacturing of 54 unique medical devices, which include high end devices such as Linear Accelerator (LINAC), MRI, CT-Scan, Heart Valve, Stent, Dialyzer Machine, C-Arm, Cath Lab, Mammograph, MRI Coils, etc, the minister informed the House.

    The production of mobiles in value terms has increased by around 146 per cent from Rs 2,13,773 crore in 2020-21 to Rs 5,25,000 crore in 2024-25 as per industry association and DGCIS.

    During the same period, exports of mobile phones in value terms has increased by around 775 per cent from Rs 22,870 crore in 2020-21 to Rs 2,00,000 crore in 2024-25, he added.

    “Cumulative incentive amount of Rs 21,534 crore have been disbursed as on 24.06.2025 under PLI Scheme for 12 sectors, namely Large Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing, White Goods, Drones & Drone Components, Specialty Steel, Textile products and Automobiles & Auto components, the minister highlighted.

    (IANS)

    July 22, 2025
  • MIL-OSI Africa: South Africa’s Industrial Development Corporation (IDC) to Spotlight Energy, Mining Finance Solutions at African Mining Week (AMW) 2025

    Source: APO – Report:

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    Thabiso Sekano, Head of Mining and Metals at the Industrial Development Corporation (IDC) of South Africa, will join African Mining Week (AMW) as a featured speaker on the high-level panel, The Investor Perspective – Financing Africa’s Mineral Industrialization. He is expected to share insights into innovative financing mechanisms that are accelerating project development across Africa’s mining and energy value chains.

    Sekano will highlight the IDC’s instrumental role in advancing South Africa’s mining sector, particularly its platinum group metals (PGMs), which represent over 70% of global reserves. Among the IDC’s recent investments, in June 2025, the agency approved R622 million in funding to Canadian firm Theta Gold Mines to develop multiple sites under the TGME Project in Mpumalanga Province. This seven-year facility is expected to extract 1.24 million ounces of gold, creating jobs and contributing to national revenue growth.

    AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    In April 2025, the IDC approved a further R1.6 billion facility to support the operational stability of ArcelorMittal South Africa, helping preserve jobs and strengthen South Africa’s position as a top global steel producer. Beyond South Africa, Sekano will spotlight the IDC’s growing regional footprint. The corporation is considering a $16 million loan to Giyani Metals to advance the K.Hill manganese project in Botswana – an important development aimed at boosting supply chains for lithium-ion batteries and electric vehicles.

    As African governments increasingly focus on formalizing small-scale mining and empowering junior miners, AMW will also offer a platform for Sekano to discuss the IDC’s initiatives targeting these groups. In 2024, the IDC launched a R400 million Junior Mining Exploration Fund in collaboration with South Africa’s Department of Mineral and Petroleum Resources and the Council for Geoscience, aimed at addressing funding constraints that limit entry and scale-up of junior mining companies.

    In addition, the IDC is driving synergies between the mining and energy sectors to foster energy resilience and decarbonization. In June 2025, it announced that four utility-scale energy projects it financed are now delivering a combined 219 MW to the national grid – powering mining operations and creating 442 annualized jobs. The agency also signed a EUR 17 million agreement with Germany’s KfW to support green hydrogen projects in South Africa, further enhancing the role of PGMs in electrolyzer technology. In March 2025, the IDC raised R2 billion through a sustainable bond issuance to scale up investments across both mining and energy.

    At AMW 2025, Sekano will unpack these developments and more, reinforcing the IDC’s commitment to sustainable, inclusive growth in Africa’s extractive and energy sectors.

    – on behalf of Energy Capital & Power.

    MIL OSI Africa –

    July 22, 2025
  • MIL-OSI Africa: Minister Diamantino Azevedo Awarded Medal for Peace and Energy Leadership as Angola Charts Bold Energy Future

    Source: APO – Report:

    In recognition of a lifetime dedicated to peace, development and the advancement of Angola’s oil and gas industry, Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum and Gas, has been awarded the Commemorative Medal for the 50th Anniversary of National Independence in the Peace and Development Class by Angola’s President João Lourenço. As the voice of the African energy sector, the African Energy Chamber (AEC) (https://EnergyChamber.org) strongly supports the honor bestowed upon Minister Azevedo, whose visionary leadership has catalyzed a new era of investment and growth in Angola’s energy sector.

    As an advocate for enabling African energy success through policy reform, infrastructure reform and global investment, the AEC applauds Minister Azevedo for his bold agenda to transform Angola into a regional petroleum hub. Under his guidance, the country has rolled out game-changing initiatives including a $60 billion upstream investment drive, a multi-phase refinery rollout, licensing reforms and development of an upcoming Gas Master Plan (GMP).

    Minister Azevedo’s leadership has ushered in a 2025-2028 project pipeline that is expected to significantly boost production and catalyze cross-sector development. Key initiatives include the Cabinda Refinery – set to start operations in 2025 with a capacity of 60,000 barrels per day – as well as the Agogo Integrated West Hub Development and Kaminho Deepwater Project, both on track for 2026 and 2028, respectively. Angola is also advancing its first-ever non-associated gas project through the New Gas Consortium, expected to launch in 2026. At the same time, frontier exploration will begin in the Etosha-Okavango basin, while independent oil companies target new opportunities in the onshore Kwanza basin.

    These developments are supported by a new licensing round in 2025, which will offer 10 offshore blocks in the Kwanza and Benguela basins, highlighting Angola’s drive to open new acreage and attract further investment.

    Since Angola launched its six-year licensing round in 2019, the country has awarded 41 concessions to a mix of international and regional companies. At the same time, new opportunities in marginal fields have opened doors for smaller independent operators to enter the market. Currently, five marginal fields are available, with prospects in Blocks 4, 14, 15 and 18. To further boost investment, the government introduced a permanent offer program and launched the Incremental Production Initiative in 2024 – designed to encourage reinvestment in mature fields. The initiative is already showing results, with energy major ExxonMobil announcing a new discovery at the Likembe-01 well, the first under the program.

    As the country works to diversify its energy mix, the AEC strongly supports the forthcoming launch of Angola’s GMP, a 30-year strategy that aims to create a competitive domestic gas market. the GMP is expected to provide clear policy direction for investors while linking upstream projects to local value chains. Meanwhile, Minister Azevedo is also leading the push to extend Angola’s licensing strategy beyond 2026, offering new opportunities for both frontier and onshore developments.

    As Angola hosts the Angola Oil & Gas 2025 conference in Luanda this September, Minister Azevedo will deliver a keynote address and participate in a high-level Fireside Chat – outlining the government’s vision for transforming Angola into a globally competitive energy economy. Taking place on the eve of the country’s golden jubilee, the event will explore the role oil and gas has played over the past five decades, while charting a future defined by policy certainty, youth- and women-led innovation, infrastructure growth and regional integration.

    “Minister Azevedo has consistently demonstrated that energy development is a pathway to peace, progress and shared prosperity. The Chamber sees the medal not only as a personal honor, but as a symbol of what energy leadership can accomplish when tied to national development. We congratulate Minister Azevedo on this well-deserved recognition and remain committed to working alongside Angola to build the next 50 years of hydrocarbon success,” states NJ Ayuk, Executive Chairman, AEC.

    – on behalf of African Energy Chamber.

    Media files

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    MIL OSI Africa –

    July 22, 2025
  • MIL-OSI Africa: Dallas Mayor Signs City Sister Partnership with Dar es Salaam Counterpart

    Source: APO – Report:

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    On July 22, 2025, Mayor of Dallas, Texas, USA, Eric L. Johnson and his Dar es Salaam counterpart Mayor Omary Kumbilamoto signed a Sister City Partnership aimed at deepening commercial, cultural, and educational ties.

    The signing ceremony, held at the Hyatt Regency Hotel in Dar es Salaam, was also witnessed by the United States Chargé d’Affaires Jonathan Howard, Tanzania’s Ambassador to the United States, Elsie Kanza, and other Tanzanian government officials.

    Mayor Johnson is in Tanzania for an eight-day visit to explore trade opportunities and strengthen economic partnership between Dallas and Dar es Salaam as well as other parts of Tanzania.  He is also visiting Zanzibar and Arusha.

    The mayor is joined by members of the Tanzanian American Chamber of Commerce (TACC), which is headquartered in Dallas, Texas, and seeks to promote bilateral trade between Tanzania and the United States.  The delegation has had productive meetings with the Regional Commissioner of Dar es Salaam, representatives from various Ministries in the Tanzanian government, and the American Chamber of Commerce in Tanzania.

    As a major hub for American innovation in the agribusiness, health care, energy, tech, logistics, manufacturing, and financial services sectors, the City of Dallas has set a global standard for how municipal governments can leverage infrastructure development and business incentives to develop a vibrant economy. Thanks to its status as a commercial center and one of the fastest growing cities in the world, Dar es Salaam is a key gateway for unlocking international trade and investment in Tanzania with immense potential to create jobs and economic prosperity for citizens in both countries.

    – on behalf of U.S. Embassy in Tanzania.

    MIL OSI Africa –

    July 22, 2025
  • MIL-OSI United Kingdom: Scheme helping SMEs grow has just got bigger

    Source: Anglia Ruskin University

    A fully-funded programme for managers of small and medium-sized enterprises (SMEs) in the East of England is expanding to help more businesses to grow.

    The 12-week Help to Grow: Management programme is designed to connect ambitious SME leaders with leading academics and experienced business professionals.

    Through interactive workshops, peer networking opportunities, and dedicated one-on-one mentoring, participants gain practical tools aimed at boosting operational efficiency and elevating business performance.

    The course focuses on crucial business areas, including leadership and strategy; marketing and international markets; financial management; and employee engagement.

    The programme also integrates participants into a network of over 140 successful alumni who continue to benefit from ongoing connections and shared experiences.

    The course is 90% Government-funded and is delivered by Anglia Ruskin University (ARU) in Cambridge and Chelmsford. ARU is now offering a fully-funded bursary to cover the remaining 10% of costs for eligible businesses, making the course available free to participants upon successful completion.

    “The Help to Grow programme is instrumental in equipping business owners with the essential knowledge and skills needed for sustainable growth and innovation. We are delighted to expand its reach, further strengthening our commitment to supporting the regional business community and fostering a vibrant alumni network.”

    Fiona McGonigle, Programme Manager and Business Engagement and Innovation Lead at ARU

    “This unique programme helps share cutting-edge business models and novel research findings from academia directly to business executives. Our goal is to improve their enterprise innovation, profitability, and overall growth strategies.”

    Dr Frank Nyame-Asiamah, Director of the Help to Grow: Management programme at ARU

    The next course begins in Cambridge on 19 September 2025, with an additional cohort starting in Chelmsford on 9 January 2026.

    For more information, contact [email protected]

    MIL OSI United Kingdom –

    July 22, 2025
  • MIL-OSI Asia-Pac: President Lai meets cross-party Irish Oireachtas delegation

    Source: Republic of China Taiwan

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-07-01
    President Lai meets delegation from 2025 Taiwan International Ocean Forum
    On the afternoon of July 1, President Lai Ching-te met with a delegation from the 2025 Taiwan International Ocean Forum (TIOF). In remarks, President Lai noted that the people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. He expressed hope that their visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. A translation of President Lai’s remarks follows: I want to thank our guests for coming here to the Presidential Office. The 2025 TIOF will take place tomorrow and the day after, and I thank you all for making the long trip to Taiwan to attend the event and share your valuable insights and experiences. This year’s forum will focus on strategies for strengthening maritime security and pathways to achieving a sustainable blue economy. By attending this forum, our guests are highlighting their commitment to safeguarding the oceans, and beyond that, taking concrete action to demonstrate support for Taiwan. I once again offer deepest gratitude on behalf of the people of Taiwan. Taiwan holds a key position on the first island chain, is one of the world’s top 10 shipping nations, and accounts for close to 10 percent of global container shipping by volume. As such, Taiwan occupies a unique and important position in maritime strategy. For Taiwan, the ocean is more than just a basis for survival and development; it is also an important driver of national prosperity. In my inaugural address last year, I spoke of a threefold approach to further Taiwan’s development. One of these involves further developing our strengths as a maritime nation. Our government must actively help deepen our connections with the ocean, and must continue to promote green shipping, a sustainable fishing industry, marine renewable energy, and other forms of industrial transformation. It must also make use of marine technology and digital innovation to create a new paradigm that balances environmental, economic, and social inclusion concerns. This will help enhance Taiwan’s responsibilities and competitiveness as a maritime nation. Taiwan is surrounded by ocean, and our territorial waters are a natural protective barrier. However, continued gray-zone aggression from China creates serious threats and challenges to peace and stability in the Taiwan Strait. Our government continues to invest resources to deal with increasingly complex maritime security issues. In addition to building coast guard patrol vessels, we must also step up efforts to build underwater, surface, and airborne unmanned vehicles and smart reconnaissance equipment, so as to demonstrate Taiwan’s determination to defend democracy and freedom and commitment to maintaining peace and stability in the Taiwan Strait. Oceans are Taiwan’s roots, and provide the channels by which we engage with the world. The people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. The TIOF was first launched in 2020, and has now become an important platform for enhancement of cooperation between Taiwan and other countries. I hope that our distinguished guests will reap great benefits at this year’s forum, and further hope that this visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. Chairman of The Washington Times Thomas McDevitt, a member of the delegation, then delivered remarks, noting first that July 4th, this Friday, is Independence Day in America. Independence is a sacred, powerful word which has great meaning in this part of the world, he said. Chairman McDevitt indicated that Taiwan has truly become a global beacon of democracy and a key partner for many nations. He then quoted President Lai’s 2024 inaugural address: “We will work together to combat disinformation, strengthen democratic resilience, address challenges, and allow Taiwan to become the MVP of the democratic world.” Chairman McDevitt went on to say that he appreciated the president’s speech with regard to his philosophical depth, sensitivity, and both moral and political clarity. He said that he was deeply moved by the speech, but within a few days of it, China responded with military activities and many threats. The chairman then emphasized that we are in a civilization crisis. Chairman McDevitt mentioned that President Lai has begun a series of 10 lectures, and remarked that they would help the world to understand the identity and the nature of Taiwan, as well as the situation we are in in the world. On behalf of all the delegation, Chairman McDevitt thanked the president for his leadership in dealing with these issues thoughtfully. Chairman McDevitt concluded with a line from the Old Testament which states that if the people have no vision, they will perish. He said that he believes Taiwan’s president has led the people of Taiwan, and the world, with a vision of how to navigate this great civilization crisis together. The delegation also included Members of the Japanese House of Representatives Kikawada Hitoshi, Aoyama Yamato, and Genma Kentaro, and Member of Parliament of the United Kingdom Gavin Williamson.

    Details
    2025-06-30
    President Lai meets Minister of State at UK Department for Business and Trade Douglas Alexander  
    On the morning of June 30, President Lai Ching-te met with Douglas Alexander, Minister of State at the Department for Business and Trade of the United Kingdom. In remarks, President Lai thanked the UK government for its longstanding support for peace and stability across the Taiwan Strait, demonstrating that Taiwan and the UK share similar goals. Noting that two years ago, Taiwan and the UK signed an enhanced trade partnership (ETP) arrangement, the president said that today Taiwan and the UK have signed three pillars under the ETP, which will help promote bilateral economic and trade cooperation. He expressed hope of the UK publicly supporting Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) so that together we can create an economic and trade landscape in the Indo-Pacific characterized by shared prosperity and development. A translation of President Lai’s remarks follows: First, on behalf of the people of Taiwan, I extend a warm welcome to Minister Alexander and wish a fruitful outcome for the 27th round of Taiwan-UK trade talks later today. Taiwan-UK relations have grown closer in recent years. We have not only continued to strengthen cooperation in such fields as offshore wind power, innovative technologies, and culture and education but also have established regular dialogue mechanisms in the critical areas of economics and trade, energy, and agriculture. The UK is currently Taiwan’s fourth-largest European trading partner, second-largest source of investment from Europe, and third-largest target for investment in Europe. Two years ago, Taiwan and the UK signed an ETP arrangement. This was particularly meaningful, as it was the first institutionalized economic and trade framework between Taiwan and a European country. Today, this arrangement is yielding further results. I am delighted that Taiwan and the UK have signed three pillars under the ETP covering investment, digital trade, and energy and net-zero. This will help promote bilateral economic and trade cooperation and advance industrial development on both sides. I also want to thank the UK government for its longstanding support for peace and stability across the Taiwan Strait. This month, the UK published its Strategic Defence Review 2025 and National Security Strategy 2025, which oppose any unilateral attempts to change the status quo across the Taiwan Strait. These not only demonstrate that Taiwan and the UK share similar goals but also show that security and prosperity in the Indo-Pacific region are inseparable from those of the transatlantic regions. In addition, last November, the House of Commons passed a motion which made clear that United Nations General Assembly (UNGA) Resolution 2758 neither established the sovereignty of the People’s Republic of China over Taiwan nor determined Taiwan’s status in the United Nations. The UK government also responded to the motion by publicly expressing for the first time its position on UNGA Resolution 2758, opposing any attempt to broaden the interpretation of the resolution to rewrite history. For this, on behalf of the people of Taiwan, I once again want to extend my deepest gratitude. Taiwan and the UK have the advantage of being highly complementary in the technology sector. In facing the restructuring of global supply chains and other international economic and trade developments, I believe that Taiwan and the UK are indispensable key partners for one another. I look forward to the UK publicly supporting Taiwan’s accession to the CPTPP so that together, we can create an economic and trade landscape in the Indo-Pacific characterized by shared prosperity and development. In closing, I wish Minister Alexander a pleasant and successful visit. And I hope he has the opportunity to visit Taiwan for personal travel in the future. Minister Alexander then delivered remarks, saying that it is a great personal honor to meet with everyone today to discuss further deepening the UK-Taiwan trade relationship and explore the many opportunities our two sides can pursue together. He mentioned that he traveled to Taiwan in 2022 when he was a private citizen, a visit he thoroughly enjoyed, so he is delighted to be back to see the strength of the UK-Taiwan relationship and the strengthening of that relationship. He said that relationship is built on mutual respect, democratic values, and a shared vision for open, resilient, and rules-based economic cooperation. As like-minded partners, he pointed out, our collaboration continues to grow across multiple sectors, and he is here today to further that momentum. Minister Alexander stated that on trade and investment, he is proud that this morning we signed the ETP Pillars on Investment, Digital Trade, Energy and Net Zero, which will provide a clear framework for our future cooperation and lay the foundation for expanded access and market-shaping engagement between our two economies. The minister said he believes that together with our annual trade talks, this partnership will help UK’s firms secure new commercial opportunities, improve regulatory alignment, and promote long-term investment in key growth areas, which in turn will also support Taiwan’s efforts to expand high-quality trade relationships with trusted partners. Minister Alexander said that President Lai’s promotion of the Five Trusted Industry Sectors and the UK’s recently published industrial and trade strategies are very well-aligned, as both cover clean energy and semiconductors as well as advanced manufacturing. He then provided an example, saying that both sides plan to invest in AI infrastructure and compute power-creating opportunities for great joint research in the future. By combining our strengths in these areas, he said, we can open the door to innovative collaboration and commercial success for both sides. He mentioned that yesterday he visited the Taiwan Space Agency, commenting that in sectors such as satellite technology, green energy, and cyber security, British expertise and trusted standards can provide meaningful solutions. Noting that President Lai spoke in his remarks of the broader challenge of peace and security in the region, Minister Alexander stated that the United Kingdom has, of course, also continued to affirm its commitment to peace and stability in the Taiwan Strait, along with its G7 partners. The UK-Taiwan relationship is strategic, enduring, and growing, he stated, and they reaffirm and remain firm in their longstanding position and confident in their ability to work together to support both prosperity and resilience in both of our societies. Minister Alexander said that, as Taiwan looks to diversify capital and build global partnerships, they believe the UK represents a strong and ambitious investment destination, particularly for Taiwanese companies at the very forefront of robotics, clean tech, and advanced industry. He pointed out that the UK’s markets are stable, open, and aligned with Taiwan’s vision of a high-tech, sustainable future, adding that he looks forward to our discussion on how we can further deepen our cooperation across all of these areas and more. The delegation also included Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific at the UK Department for Business and Trade. The delegation was accompanied to the Presidential Office by British Office Taipei Representative Ruth Bradley-Jones.   

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

    July 22, 2025
  • MIL-OSI: Recording of LHV Group’s 22 July investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2025 Q2 financial results, LHV Group organised an investor meeting webinar on 22 July. An overview of the company’s progress was given by Madis Toomsalu, former Chairman of the Management Board of LHV Group, Mihkel Torim, Chairman of the Management Board of LHV Group, and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 32 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://www.youtube.com/watch?v=4HRsdcw4O_c

    Presentation (in English) at: www.lhv.ee/assets/files/investor/LHV_Group_Investoresitlus_2025-Q2_EN.pdf

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of June, LHV Pank services are being used by 474,000 clients, the pension funds managed by LHV have 110,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

     

    Investor Relations

    Sten Hans Jakobsoo
    Head of Investor Relations and Corporate Development
    Email: stenhans.jakobsoo@lhv.ee

    Communications

    Paul Pihlak
    Head of Investment Communications
    Email: paul.pihlak@lhv.ee 

    The MIL Network –

    July 22, 2025
  • MIL-OSI NGOs: Greenpeace calls for drastic cut in plastic production as new report reveals millions at risk of toxic air pollution exposure

    Source: Greenpeace Statement –

    Amsterdam, The Netherlands – A new Greenpeace International report released today reveals that over 50 million people in 11 countries [1] are at risk of exposure to hazardous air pollution from plastic linked petrochemical production. The findings intensify pressure on negotiators at the Global Plastics Treaty talks in Geneva to secure a treaty that tackles the problem at its source: plastic production.

    Graham Forbes, Global Plastics Campaign Lead for Greenpeace USA and Greenpeace Head of Delegation for the Global Plastics Treaty negotiation said: “What this report shows is that the plastics crisis is a public health emergency. The Global Plastics Treaty must deliver a 75% cut in plastic production by 2040 to reduce escalating threats to human and planetary health. People are being poisoned so fossil fuel and petrochemical companies can churn out more unnecessary plastic. Without a treaty that cuts production, the plastic crisis will only grow worse.”

    The report, Every Breath You Take: Air Pollution Risks from Petrochemicals Production for the Plastics Supply Chain, shifts the lens to midstream level plastic production—to the petrochemical plants that produce precursors to plastic and expose frontline communities living near to these facilities who are potentially facing exposure to dangerous air pollutants.

    During the production of feedstock, petrochemical facilities emit a suite of harmful airborne substances typically including Volatile Organic Compounds (VOCs), nitrogen oxides (NOₓ), and sulfur oxides (SOₓ) and particulate matter (PM). Studies report higher concentrations of these pollutants near petrochemical facilities, with proximity linked to increased illness—raising a serious cause for concern.

    Key findings from the report include:

    • Over 51 million people in the 11 countries studied live within 10 km of plastics-linked petrochemical facilities; 16 million live within 5 km. In every country studied, residential areas lie within 10 km of plastic-linked petrochemical plants.
    • The United States has the highest number of people living at a distance that is linked to elevated risk—13 million, especially in Texas and Louisiana.
    • One in four people in the Netherlands live at a distance that is linked to elevated risk of exposure to air pollution emissions, including toxic emissions, from petrochemical plants. It has the highest proportion of its population at risk with 4.5 million people or 25.6% of the entire population within the exposure zones assessed in the analysis. The country with the second highest proportion is Switzerland at 10.9% of the population.
    • The pollution created by some petrochemical plants in the regions reviewed for the report is transboundary. Several plants are located in border zones, affecting communities in Austria, Poland, Singapore, Belgium, France and Germany.[2]
    • In documented case studies, communities near petrochemical facilities suffer disproportionately from cancer, respiratory disease, and premature death. The UN has labeled some of these areas “sacrifice zones.”

    The report also warns of industry plans to expand global plastic production through 2050, which would create more sacrifice zones, more waste exported to low-income countries, and more short-lived products driving the climate, health and waste crisis.

    The global Greenpeace network is demanding that the Global Plastics Treaty must reduce plastic production by at least 75% by 2040 to protect people’s health, the climate and the environment. The next round of negotiations will happen on August 5 to 14, 2025 in Geneva, Switzerland.

    ENDS

    Full report: Every Breath You Take: Air Pollution Risks from Petrochemicals Production for the Plastics Supply Chain

    Photos and videos can be accessed in the Greenpeace Media Library. 

    Interactive maps of petrochemical production zones

    Notes: 

    [1] The report, Every Breath You Take: Air Pollution Risks from Petrochemicals Production for the Plastics Supply Chain, identified the locations of petrochemical facilities linked to plastics in 11 countries: Philippines, Thailand, Malaysia, Indonesia, South Korea, Canada, USA, Germany, United Kingdom, Switzerland, and the Netherlands. The countries were selected because of their significant petrochemical presence or association with major plastic-related concerns.

    [2] The transboundary zones include populations in Austria and Poland (from German facilities), Singapore (from Malaysian facilities) Belgium and Germany (from Dutch facilities) France and Germany (from Swiss facilities).

    Contacts:

    Angelica Carballo Pago, Global Plastics Campaign Media Lead, Greenpeace USA, +63 917 1124492, [email protected]

    Greenpeace International Press Desk, +31 (0) 20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –

    July 22, 2025
  • MIL-OSI China: Long-stay tourism boom ignites ‘cool economy’ in highlands

    Source: People’s Republic of China – State Council News

    A drone photo taken on July 18, 2025 shows a local Yizu Dage team performing during a parade show on the ancient street of Nanzhao in Weishan Yi and Hui Autonomous County, Dali Bai Autonomous Prefecture, southwest China’s Yunnan Province. (Xinhua/Peng Yikai)

    At his guesthouse in southwest China’s Kunming, Zhang Cheng wiped down the counter in preparation for the next wave of arrivals, as the country’s highland summer migration unfolded, a seasonal drift measured not in days but in months.

    “Since summer began, we’ve had almost no vacancies,” he said. A steady stream of guests from the sweltering nearby regions of Sichuan and Chongqing is replacing the usual ebb and flow of tourists in this capital city of Yunnan Province.

    As scorching heat blankets much of China, Yunnan and Guizhou provinces, with average summer temperatures of 15 to 21 degrees Celsius, are experiencing the explosive growth of “cool summer residencies.”

    Yunnan alone hosted 2.8 million long-stay visitors in the first half of 2025, a surge of 45.4 percent year on year. These visitors stayed an average of 91 days, 11 days longer than the previous year.

    In the province’s Qujing City, famed for its cooler summers, companies like Licheng Residential Leasing are transforming idle homes into managed residences. This summer, Licheng has provided over 100 beds and three meals daily through contracted residential homes in the city’s Niujie community, hosting over 200 guests so far.

    Industry experts believe that traditional tourism often funnels spending into transportation and tickets, limiting local economic benefits, whereas tourism engaging local residents retains more spending within the community.

    In Qujing, for example, dining accounts for 40 percent of long-stay visitors’ spending, vastly exceeding the 10 percent typical of short-stay tourists. The city welcomed 2 million long-stay visitors in last summer, peaking at 270,000 daily, generating 23.6 billion yuan (around 3.3 billion U.S. dollars) in revenue.

    Leveraging its national forest park, Xishui County in Guizhou has developed 28 summer residence projects across six townships, now housing 36,000 households, mostly from other provinces. Since June, hotels and homestays have reported peak seasons.

    Dai Bin, head of the China Tourism Academy, highlighted the shift of the tourism model “from simply leveraging cool climates to integrating culture, wellness and learning.” He cited the example of children joining forest rangers for plant identification in a nature science camp while parents learn local crafts, as well as one in Yunnan’s Dali that combines cool air with holistic healing through yoga in the forest.

    Recognizing the potential, China’s National Development and Reform Commission issued guidelines in 2023 to boost summer tourism, urging better products and infrastructure.

    According to Rao Xiangbi, deputy director of Yunnan’s culture and tourism department, long-stay visitors now flock not just from nearby Sichuan and Chongqing, but increasingly from Guangdong, Zhejiang, and even the northernmost Heilongjiang Province, with over 80 percent being young and middle-aged people.

    Experts from the United Nations World Tourism Organization have noted that such climate-adaptive tourism is a growing necessity globally and is poised to become a defining future trend as climate change intensifies. 

    MIL OSI China News –

    July 22, 2025
  • MIL-OSI: Bitcoin Solaris Announces Final Genesis Event Offering: $1 Token Price for Last 100 Participants

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, July 22, 2025 (GLOBE NEWSWIRE) — Every altcoin season brings surprises. Some coins pump on pure hype. Others, like Bitcoin Solaris, are building real momentum by delivering on tech, scalability, and accessibility. The crypto market is once again heating up with investors racing to secure what could be the next big success story. Unlike overhyped projects riding temporary waves, Bitcoin Solaris has built its case on solid fundamentals. Its Genesis Event is currently rolling back the price from $13 to just $1 for a very short time, giving early investors a shot at a 1900% ROI before launch.

    With just 100 slots left, this is the kind of opportunity that feels like Bitcoin’s early days repeating themselves, but with modern tech, faster performance, and mobile-first accessibility at the heart of its offering. This is why so many crypto enthusiasts are now focusing on BTC-S as their top altcoin pick for serious long-term potential.

    Bitcoin Solaris: A Scalable, Mobile-First Future for Wealth Generation

    Bitcoin Solaris is not just another altcoin chasing trends. Its core technology is designed to solve the issues Bitcoin never could. Through its dual-consensus architecture, Bitcoin Solaris offers 10,000+ transactions per second, validator rotation for fairness and security, and energy efficiency 99.95% greater than traditional mining. Its mobile-first scalability through the upcoming Solaris Nova app ensures mass adoption potential by letting users mine easily from any device.

    These fundamentals make BTC-S more than hype. They make it a realistic contender for significant growth, offering everyday users new ways to build wealth through mining, transactions, and adoption.

    Presale Momentum: Only Few Slots Left at $1

    Bitcoin Solaris is now deep into its final presale phase, phase 13.

    • Current Price: $13
    • Launch Price: $20

    Over $7.7M has been raised. 15,800+ unique users have joined. This is already one of the most explosive presales on record. But what is truly making waves is the Genesis Event rollback. For a very limited time, BTC-S is rolling back from $13 to just $1 for the final 100 participants.

    Genesis Event Key Details:

    • Rollback to $1 instead of $13
    • Potential ROI of 1900% at launch
    • Only around 1 week left

    This is not labeled as a discount or bonus. It is a rare opportunity for those who move fast enough to secure it.

    Wallets like Trust Wallet and Metamask are recommended for receiving your tokens smoothly at launch.

    Forget Hype, Bitcoin Solaris Is Backed by Real Tech and Real Growth

    Influencers Are Talking

    The buzz around Bitcoin Solaris is growing fast. Multiple influencers have already taken notice.

    • Token Empire praised the scalability and dual-consensus model.
    • Crypto Vlog highlighted the mobile-first mining and high TPS.
    • Token Galaxy focused on how BTC-S could mirror Bitcoin’s early wealth potential.

    These are not throwaway reviews. These influencers are focused on fundamentals, and Bitcoin Solaris is delivering.

    Why Bitcoin Solaris Has the Community Excited

    Bitcoin Solaris offers more than speculation. Its foundation includes:

    • Energy-efficient mining
    • Dual-layer consensus for scalability and security
    • Smart contracts for DeFi adoption
    • 10,000+ TPS for real-world use
    • Mobile-first approach via the upcoming Solaris Nova app

    These features make it a standout in an increasingly crowded space.

    Liquid Staking Brings Passive Income With Flexibility

    Bitcoin Solaris is innovating beyond mining through its liquid staking model. Users earn rewards while maintaining full access to their assets through sBTC-S tokens (1:1). These tokens can be used in DeFi, traded, or held without restrictions.

    Benefits of liquid staking:

    • Earn rewards while keeping liquidity
    • sBTC-S tokens fully usable in DeFi platforms
    • Supports network strength through increased staking
    • Fully integrated with the Solaris Nova App and its smart validator system

    Learn more about this system at Bitcoin Solaris Liquid Staking.

    Final Verdict: Bitcoin Solaris Is the Opportunity

    Bitcoin Solaris is positioning itself as more than just another altcoin. With its advanced dual-consensus model, energy efficiency, and 10,000+ TPS scalability, BTC-S is built for real-world adoption while giving users easy access through mobile mining and DeFi. The project’s strategic rollout and growing user base show strong momentum heading into launch.

    This is not about guessing the next meme coin. Bitcoin Solaris offers a realistic pathway to wealth creation through technology, accessibility, and scalability. The fact that only 100 slots remain at $1 adds urgency to what is already one of the most talked-about opportunities in the altcoin space right now. If you missed Bitcoin’s early days or watched other projects 10x without you, this could be the moment to finally change that narrative.

    For more information on Bitcoin Solaris:
    Website: https://www.bitcoinsolaris.com/
    Telegram: https://t.me/Bitcoinsolaris
    X: https://x.com/BitcoinSolaris   

    Media Contact:
    Xander Levine
    press@bitcoinsolaris.com
    Press Kit: Available upon request

    Disclaimer: This content is provided by Bitcoin Solaris. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b6db7fef-96ce-4418-9b44-5b74ae312406

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cb9de2a0-74ca-4b37-b92e-0168c95ee4f9

    https://www.globenewswire.com/NewsRoom/AttachmentNg/166fbb5e-2dc6-4672-94a2-44c0bbbe42cb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b638ca37-b486-438b-9011-6495e84c60d0

    The MIL Network –

    July 22, 2025
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